- 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.
insurance benefit, payout, 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,
➥ An amount paid to a beneficiary in a life linsurance policy.
- A payment or series of payments made to the beneficiaries of a life insurance 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.