Glossary

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Bad Faith

The unreasonable delay or denial of a legitimate claim. If a policyholder’s claim has been unreasonably delayed or denied, bad faith law allows the insured to seek monetary damages for pain and suffering, consequential damages, punitive damages, etc.

Beneficiary

The person who may become eligible to receive, or is receiving, benefits under an insurance policy.

Broker

An individual or company who solicits, negotiates or procures insurance or the renewal or continuance thereof on behalf of insureds or insurance companies.

Business Interruption Insurance

A type of policy that pays for loss of earnings, revenues, profits, etc., when operations are curtailed or suspended because of property loss.
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