Refers to the doctrines, teachings, or the religion of Buddhism as a whole. Used in both religious and general contexts.
He is deeply studying Buddhist teachings.
Live a life based on Buddhism.
仏法 specifically means 'the Buddha's teachings', while 法 alone can carry the same Buddhist sense of dharma in religious contexts.
Compound of 仏 (Buddha) and 法 (law, teaching). The reading ぶっぽう is the standard on'yomi combination.