See: benefit limitations .
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See: explanation of coverage (EOC) .
Insurance Encyclopedia
Benefit policy
Policies such as personal accident and life insurances where the amount to be paid is a pre-agreed benefit and is not based on actual losses as with indemnity contracts. Individuals are free to put their own value on life and limb; the main constraint is their ability to pay.
Benefit products
Phrase used by insurance companies and managed care companies that refers to the types of insurance plans they offer; also used as a synonym for benefits .
Benefit provision
Health care service explained in detail that the insurance company agrees to pay to a claimant, assignee, or beneficiary under a health insurance policy or contract.
Benefit schedule
Under a group insurance plan, a table that lists the amount of coverage given to each class of insured and may show earnings and job position. Also known as benefit payment schedule, schedule of benefits, table of allowances, fee schedule, fee allowance, fee maximum , or capped fee .
Benefit triggers (Health Insurance)
Conditions to be met before benefits are paid out.
Benefit verification letter
Official document from the Social Security Administration that provides information on how much an individual receives in monthly Social Security benefits and/or Supplemental Security Income payments. A letter is normally issued after a request from a beneficiary or his or her authorized representative.
Benefit waiting period
Time period that must elapse before health insurance benefits are payable.
Benefit year
Twelve-month period used by employers for administration of health benefits. Most employers’ benefit year is from January through December. However, a benefit year does not always coincide with a group’s fiscal year. See benefit period .
Benefits
Compensation for loss and other services provided by insurers under terms of insurance contracts.
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MEDICAL,USA,REFERENCE: See: benefit package , benefit products , and Social Security benefits .
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US: The amount payable by the insurance company to a claimant, assignee or beneficiary under each coverage.
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The financial reimbursement and other services provided insured by insurers under the terms of an insurance contract such as benefits as prescribed by the Employees Compensation Act.