Getting MarriedLife Insurance Terms
These definitions are courtesy of the American Council of Life Insurers
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
B
Beneficiary The person or financial entity (for instance, a trust fund) named in a life insurance policy or annuity contract as the recipient of policy proceeds in the event of the policyholder's death.
Benefit The amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured suffers a loss covered by the policy.
Broker A sales and service representative who handles insurance for clients and generally sells insurance of various kinds from one company or several.
Business life insurance Insurance purchased by a business on the life of a member of the firm. This insurance protects surviving business partners against loss caused by the death of a partner and reimburses corporations for loss caused by the death of a key employee.