B

“B”

Backloading
Designing a pension plan so that benefits accrual is greater for later years of service than it is for earlier years.
Basic medical benefits
Basic insurance covers diagnosis and treatment services that are provided in hospitals, including surgical and associated medical costs. Basic insurance sometimes also covers certain services of hospital outpatient departments, such as visits to emergency rooms and/or selected services of nonhospital ambulatory care facilities. Traditionally, 100 percent covered without deductibles.
Beneficiary
A person designated by a plan participant to receive benefits of the plan in the event of the participant’s death.
Benefits
Pension, medical, or other payments that plan participants or their beneficiaries are entitled to receive under an employee benefits plan.
Benefits statement
An individualized statement that describes the benefits received by an employee, often estimating the cost or value of the benefits.
Blanket contract
An insurance contract that provides benefits to all members of a class who are not identified individually. It may be used, for example, to provide accidental death benefits to employees traveling on business.
Blanket medical expense
A policy that provides a maximum benefit for all hospital and medical expenses without individual limits by type.
Blue Cross/Blue Shield
Independent, nonprofit membership corporations that provide prepaid medical protection to subscribers. Blue Cross generally provides hospitalization coverage, while Blue Shield covers physicians’ services.
Break in service
A computation period (usually 12 consecutive months) during which an employee is credited with fewer than 501 hours of service. If an employee has a break in service, it may mean that the employee must once more meet the eligibility requirements of the plan to be a plan participant.
Broker
A sales and service representative who handles insurance for clients, generally selling insurance of various kinds and/or several companies.
Business travel insurance
An employee benefit sold by insurance firms that provides cash payments if the employee is injured or killed while traveling on the employer’s business.
Buy-back deductible
A deductible that may be eliminated in exchange for a higher premium.    

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