Cash paid, draft redeemed or drawn, for settlement of a group insurance claim.

In a medical practice, the amount of actual cash generated and available for use by the medical practice within a given period of time.

Payment to the insured by the insurance company after submission of an insurance claim. The insured may assign these benefits directly to the provider. Payment may or may not fully cover the insured’s total costs for the service.

Life insurance policy that has a dividend option under which the dividends are paid to the policyholder in cash.

Insurance premium paid by the insured and received by the insurance company as distinguished from premium earned.

Bookkeeping system used for industrial insurance in which the agent informs the home office of the amount collected for each policy. The home office updates the policy records by posting these collections and then prepares new route collection records.

Life income option with a refund that specifies proceeds remaining on the death of the beneficiary will be paid in a lump sum to the contingent payee.

Amount of money (cash) in a life insurance policy (usually whole life) that is adjusted for factors such as policy loans or late premiums that the policyholder will receive if the policyholder cancels the coverage or surrenders the policy to the insurance company. See cash value. Also called net cash value.
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This is the cash value section of an ordinary life insurance policy. If the insured ceases to pay the premiums, he or she can take the cash value in a lump sum. (See Ordinary Life Insurance).