What Does Benefit Mean?

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What does Benefit mean? Read on to discover the definition & meaning of the term Benefit - to help you better understand the language used in insurance policies.

Benefit

Benefit

A benefit is a payout or other form of compensation or reimbursement that an insurance company owes to a policyholder when the policyholder experiences a covered loss. Whether or not a loss is covered is determined by the terms of the specific policy that the policyholder bought from the insurer.

We hope the you have a better understanding of the meaning of Benefit.

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