Glossary
The basic extended reporting period (BERP) is the extended reporting periods (ERPs) the 1986 Insurance Services Office, Inc. (ISO), claims-made commercial general liability (CGL) policy automatically provides to the insured when a claims-made policy is canceled, not renewed, renewed with a laser exclusion, or renewed with an advanced retroactive date.
Read MoreBasic limits refer to the minimum limits of liability that can be purchased by an insured.
Read MoreThe basic premium is the underwriting and administrative expense component of premium. It is amounts required for adjusting of expected losses.
Read MoreThe basic premium factor (BPF) is used in the retrospective formula to represent expenses of the insurer, such as acquisition, audit, administration, and profit or contingencies but not taxes.
Read MoreBasic rate refers to the manual rate shown in an insurer's rate manual at basic limits before adjustment for such factors as increased limit of liability.
Read MoreBasis point(s) refers to a way of expressing, using a base of 100, the increments of measurement between percentage points.
Read MoreBasis risk is the difference between an index and a specific portfolio of losses (relying upon that index) as the underlying basis for a hedge.
Read MoreThe basket aggregate is an aggregate loss limit applicable to multiple lines of coverage, such as liability and workers compensation.
Read MoreA basket deductible is a single retained amount designed to fund losses from multiple risks.
Read MoreA basket retention is a self-insured retention applicable to more than one category of risk, such as liability and workers compensation.
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