B
Blanket Health Contract
A contract of health insurance affording benefits, such as accidental death and
dismemberment, for all of a class of persons not individually identified. It is used for
such groups as athletic teams, campers, travel policy for employees, etc.
Blanket Medical Expense
A provision which entitles the insured person to collect up to a maximum established
in the policy for all hospital and medical expenses incurred, without any limitations
on individual types of medical expenses.
Bookkeeping/Compilation Services
- Bookkeeping Services - may include such activities as preparation of client's general ledger, preparation of periodic payroll records and checks, and reconciliation of bank account statements.
- Compilation Services - presenting information that is the representation
of the management/owners of a business in the form of financial statements,
without expressing any assurance on the statements.
Buy-Sell Agreement
An arrangement whereby partners in a business or stockholders in a small corporation agree that,
on the death or withdrawal of one partner or stockholder from the business, his or her portion of
the business will be sold to the remaining partners or stockholders, and those remaining will be
obligated to purchase the portion of the business left by the withdrawing partner or stockholder.
It is usually accompanied by life insurance on each partner or stockholder which is used to fund
the agreement.
This information should not be construed as legal advice or a legal opinion on any factual situation. This summary is for illustrative purposes and is not a contract. It is intended to provide a general overview, at the time first posted, of the topics described. Only the insurance policy can give actual terms, conditions and exclusions.
