Glossary

A buyout settlement clause is a provision found in media liability insurance policies allowing an insured the option to refuse settlement of a claim for an amount offered by an insurer and agreed upon by a claimant.

A buy/sell agreement refers to a contract among members of a firm that provides for the continuation of the business through an agreement by which each principal agrees that, in the event of their death, their estate will sell its interest back to the business entity for a predetermined amount.

A bystander claim is a type of liability claim in which an accident bystander suffers some form of mental anguish due to witnessing this event.