Insurance Proceeds

Definition

  • The benefits paid by an insurance company after a valid claim. Also known as an "insurance benefit", insurance proceeds must first be verified before being paid out, and are tax-free in most cases.

Synonyms
benefit, payout, insurance benefit

Related Terms and Acronyms

  • Casualty Insurance Definition,
    • Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
  • Claims Adjuster Definition,
    • An individual who ascertains the insurer's liability after an insurance claim has been made.
  • Death Benefit (DB) Acronym, Very Important,
    • A payment or series of payments made to the beneficiaries of a life insurance policy.
    An amount paid to a beneficiary in a life linsurance policy.
  • Insurance (insur) Abbreviation,
    • An arrangement where one party provides financial protection to another party for specific damages or losses.
  • Insurance Claim Definition,
    • An application for benefits made by an insurance policyholder after an insured event.
  • Liability Insurance Definition,
    • Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • Loss Adjustment Expenses (LAE) Acronym,
    • Expenses incurred by loss adjusters when they investigate and settle claims.
  • Loss Control Definition,
    • The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
  • Loss Reserve Definition,
    • A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
  • Property Insurance Definition,
    • Insurance that provides coverage for damages to property from a number of perils.
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