What does Schedule of Benefits mean? Read on to discover the definition & meaning of the term Schedule of Benefits - to help you better understand the language used in insurance policies.
Schedule of Benefits
A schedule of benefits (SOB) is a list of the various services covered under a health insurance plan, along with the associated fees. Policyholders receive these schedules so that they know which services and treatments are covered and which are not. Some treatments and services may require a co-pay.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Schedule of Benefits. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: