Marine clause meaning that the bailee of goods gets the benefit of any insurance policy effected by the cargo owner should an insured loss occur while the goods are in the bailee’s care. If the contract of carriage is subject to the US Carriage of Goods by Water Act, the clause is void.
Insurance Encyclopedia
Benefit of Salvage
An insurance under a contract of indemnity who pays the value of property lost or destroyed becomes entitled to the salvage.
Benefit of survivorship
Annuity payable to the annuitant for as long as the recipient is alive at the time the payment is due.
Benefit package
Covered medical services a managed care plan or government program offers to individuals or to groups. In addition to physician and hospital services, some insurance policies have coverage for acupuncture, alternative therapies, assisted living care, chiropractic care, dental, drugs, home nursing care, skilled nursing care, and vision care. Also called approved services, benefit plan, benefits , and health benefits package .
Benefit Package, Health
A description of what services the insurer or health plan offers to those covered under the terms of a health insurance contract.
Benefit payment schedule
List of fees, sometimes with procedural code numbers of the services, and description of the services that an insurance plan will pay and are covered under the managed care plan or insurance policy. Also known as schedule of benefits, table of allowances, fee schedule, fee allowance, fee maximum , or capped fee .
Benefit payments
Amounts disbursed for covered services to beneficiaries after the deductible and coinsurance amounts have been deducted.
Benefit period
1. Time period for which benefits are payable under an insurance contract without a new deductible requirement. These effective dates of coverage can be a designated 6-month period, calendar year, or a plan’s anniversary date. Also called spell of illness . 2. Period of time for which payments for Medicare inpatient hospital benefits are available. A benefit period begins the first day an enrollee is given inpatient hospital care (nursing care or rehabilitation services) by a qualified provider and ends when the enrollee has not been an inpatient for 60 consecutive days. Patient must pay the hospital insurance deductible for each benefit period. 3. In workers’ compensation cases, the maximum amount of time that benefits will be paid to the injured or ill person for the disability.
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Commonly disability insurance is has benefit periods of 2 or 5 years, to age 65, or, in some cases, life. Since the chances of becoming disabled are much more for a person 40 years old than the chances of dying and the average length of disability is 3.2 years, the selection of a proper benefit period is important.
Benefit period (Health Insurance)
The time frame in which money or other policy benefits are paid out to either the insured or the insured’s dependents.
Benefit plan
Insurance contract that provides hospital, surgical, medical, or other health coverage; also called benefit contract .
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See: benefit package and certificate of coverage (COC) .