Glossary

A bill of lading is a document that serves both as a receipt for goods being shipped and a contract defining the extent of the transporter's liability.

A binder in an insurance context is legal agreement issued by either an agent or an insurer to provide temporary evidence of insurance until an insurance policy can be issued. Binders should contain definite time limits, should be in writing, and should clearly designate the insurer with which the risk is bound. They should also indicate the amount of insurance, the type of policy, and (in the case of property insurance) the perils insured against.

Bingo card program is the term used for an obsolete system of registering interstate motor carriers to verify that they have the proper operating authority and auto liability insurance in place to operate in interstate commerce. The identification stamps (known as bingo stamps) of all the states in which the motor carrier operated and fulfilled its requirements were affixed to a cab card that was carried in the motor vehicle at all times. The bingo card program was replaced by the Single State Registration System (SSRS), which was subsequently replaced by the Unified Carrier Registration Agreement (UCRA) plan.

Biological magnification is the process by which certain substances, such as pesticides or heavy metals, move up the food chain, work their way into rivers or lakes, and are eaten by aquatic organisms such as fish, which in turn are eaten by large birds, animals, or humans. The substances become concentrated in tissues or internal organs as they move up the chain.

Biomechanical analysis is the formal process of utilizing knowledge about the work environment along with the design of the human body to fully integrate the two systems. Biomechanics views people at work as special types of machines performing tasks alongside other machines. Human beings can only productively function within the scope of their strength, flexibility, and endurance. The goal of biomechanics is to ensure that the work environment properly fits the needs and abilities of individual workers. Biomechanical analysis is often utilized in factory settings.

Bioremediation is the use of living organisms to clean up oil spills or remove other pollutants from soil, water, or wastewater.

The Bipartisan Campaign Reform Act of 2002 is a federal law better known as the McCain-Feingold Act, regulating the financing of political campaigns. Under this law, corporations may not make direct contributions (i.e., in the "name" of the corporation) to political candidates or parties in connection with federal elections. However, corporations may establish "political action committees" (PACs), which are permitted to raise voluntary contributions from a "restricted" class of individuals, such as executive and managerial employees, stockholders, and their families. Directors and officers of corporations have exposure to liability for violating the McCain-Feingold Act, resulting from the corporation's campaign financing activities.

A blackout period is a time period during which participants in a 401(k) plan are not permitted to make changes in their investment allocations. The typical blackout period lasts from 4 to 6 weeks and is imposed when an employer-sponsor of a 401(k) plan changes from one plan administrator to another. Claims against fiduciaries charged with overseeing such plans most frequently arise when the stock market falls sharply during blackout periods. Claims are more likely at such times, because employees are unable to transfer monies out of stocks and thus reduce losses. To reduce exposure to such claims, companies offering 401(k) plans should provide notice of blackout periods well in advance of the date on which they are scheduled to begin.

The Black Lung Benefits Act of 1973, Title IV of the Federal Mine Health and Safety Act (FMHSA) of 1969, and its various amendments provide coverage for mine workers whose exposure to coal dust has resulted in total disability or death due to chronic lung disease. The Act grants coverage to address medical treatment and lost wages of the worker in the case of total disability and death benefits to the survivors and dependents in the event of death.

A blanket additional insured endorsement is an endorsement sometimes attached to liability insurance policies that automatically grants insured status to a person or organization that the named insured is required by contract to add as an insured. It may apply only to specific types of contracts or entities. Also referred to as an "automatic additional insured endorsement."