Basis The original cost, plus out of pocket expenses, of an asset (such as property, stock, or a business interest) that is used to determine gain or loss when the asset is disposed, whether through sale, gift, or bequest. The basis is affected by the nature of the transaction by which the asset was acquired. For example, property received as a gift will have a different method of basis determination than property purchased at fair market value.

Beneficiary An individual designated in a will to receive an inheritance, or the individual designated to receive the proceeds of an insurance policy, retirement account, trust, or other asset.

Benefit Period The period of time benefits are received based on a contractual agreement. The term is commonly used to refer to health or disability benefits.

Borrowings Borrowings are loans of any type.

Business Overhead Expense Insurance A business disability policy designed to pay the ongoing expenses of a business in the event the business owner becomes disabled.

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.