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Glosary of Life Insurance Terms

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B
Backdating
A procedure for making the effective date of a policy earlier than the application date. Backdating is often used to make the age at issue lower than it actually was in order to get a lower premium. State laws often limit to six months the time to which policies can be backdated.
Bank Loan Plan
See Financed Insurance.
Beneficiary
A person who may become eligible to receive or is receiving benefits under an insurance policy other than a participant. See also Irrevocable Beneficiary, Revocable Beneficiary, Primary Beneficiary, Secondary Beneficiary, Tertiary Beneficiary, and Contingent Beneficiary.
Benefits of Survivorship
See Survivorship Benefits.
Binding Receipt
See Conditional Binding Receipt.
Blackout Period
The period of time during which a surviving spouse no longer receives survivors benefits (after the youngest child is no longer eligible) and before he or she is eligible for retirement benefits.
Business
The face amount of Life insurance written.
Business Insurance
Policies written for business purposes, such as key employee, sole proprietorship, partnership, and corporation.
Buy-Sell Agreement
(1) An agreement among part-owners of a business which says that under stated conditions, i.e., disability or death, the person withdrawing from the business or his heirs are legally obligated to sell their interest to the remaining part-owners, and the remaining part-owners are legally obligated to buy at a price fixed in the agreement;
(2) a similar agreement between an owner or part-owner of a business and a nonowner, such as a key employee.

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