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.
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.