MEDICAL,USA: 1. Health care service that the insurance company agrees to pay to a claimant, assignee, or beneficiary under a health insurance policy or contract. 2. Amount of money an insurance company (payer) will pay for the medical care and services. See covered expenses or coverage . Also called the policy benefit .
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An amount paid to a beneficiary of an insurance policy, or the participant of a retirement plan.
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UK: an amount payable by an insurer as a consequence of liabilities assumed under an insurance contract.
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UK: Describes the amount to be paid upon the happening of the insured event. The benefit is agreed at the inception of the contract and, not being based on actual losses, is not subject to the principle of indemnity. See BENEFIT POLICY.