BANK INSURANCE - the involvement of commercial banks in the insurance industry, primarily in personal insurance. This includes acquiring existing insurance companies and/or (if permitted by legislation) organizing the sale of insurance policies through a network of bank branches.

BENEFICIARY - the person for whose benefit the policyholder has taken out an insurance policy, a third-party beneficiary under the insurance policy

BINDER - a temporary agreement between the insured and the insurer regarding the future conclusion of an insurance contract. Binders are primarily used in international practice when the contract requires a long processing time for non-standard insurance conditions. Block Insurance - Insurance that covers risks related to multiple types of goods shipped by various modes of transportation and involving a significant number of small consignments.

BONUS - a discount granted by the insurer from the insurance premium amount for arranging an insurance policy on particularly favorable terms. The bonus is typically determined as a percentage or per mille. An amount of money paid by the insurer to the policyholder, in addition to regular receipts, as a result of the profit earned from investing life insurance reserves.

BONUS-MALUS (SYSTEM) - a system of discounts and surcharges applied to the insurance premium based on the number of insurance events involving the insured vehicle in the previous 12 months of insurance. A system of surcharges and discounts used by the insurer to reduce the insurance premium (for a period of at least one year) if there has been no occurrence of the insured risk or to increase the insurance premium if the insured risk has been realized. Primarily applied in motor vehicle insurance.

BORDEREAU - a list of risks accepted for insurance that is transferred by the cedent for reinsurance. The bordereau is sent by the cedent to the reinsurer within the specified timeframes defined in the reinsurance agreement. Bordereaux can be preliminary or final.

BENEFICIARY - an individual (including entities engaged in entrepreneurial activities) or a legal entity who may suffer losses as a result of an insured event and is designated by the policyholder to receive insurance compensation. The policyholder has the right to change the beneficiary before the occurrence of the insured event unless otherwise specified in the insurance contract.

BROKERAGE - the remuneration received by an insurance broker from the client for intermediary services in settling claims regarding an insurance event. licies annually and in a timely manner.