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Insurance Terms
You'll find everything you need to know about life insurance here. Our Research Center is different
because we only offer material which is explained in "Plain English".
To get started, let's take a look at common Insurance terms, and make it easy to understand what they mean:
These definitions are courtesy of the American Council of Life Insurers
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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.
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