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Glossary of Terms - B

Bodily Injury Liability Coverage

Part of a standard auto insurance policy that covers you (up to the policy limits) for losses that result when you inflict bodily injuries on others. Covered losses generally include medical expenses, pain and suffering, and lost income. This is required coverage in most states.

Borrowings

Borrowings are loans of any type.

Buy-Sell Agreement

A contract used in business succession planning for sole proprietors, partnerships, and closely held corporations that provides for the sale of a business upon an owner's death, disability, retirement, or other triggering event.

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