* Benchmark rate/rates: The benchmark rates set annually by the Commissioner of Insurance that rate-regulated insurance companies use to reference their rates. Rate-regulated insurance companies filing rates within a range of 30 percent above or below the benchmarks may use them immediately upon filing without prior approval. A company that wants to set its rates outside this range must receive the Commissioner´s prior approval.

* Binder: Insurance binders is a temporary insurance contract that provides proof of coverage until you receive a permanent policy.

* Bodily injury or BI: Bodily injury is the physical injury to a person.