Benefit

This is payment or income received by the policy owner. In a life insurance policy this is the amount that is paid to the beneficiary. In an annuity it is the amount that is paid on an agreed-up term.

This can also refer to a service received. An example could include a group plan with physiotherapy, counseling, chiropractic or massage therapy. This service can be performed and all invoicing done between the provider of the service and the insurance company. Sometimes, the person has to pay for the service and then submit receipts to claim the money back. There is usually a limit to the number of visits or the total to be paid under this type of rehabilitation service. A group plan can have a deductible applied each year or one time only at the beginning of a plan.

A travel insurance policy will have a ceiling of benefits payable. Be sure to review the coverage with your agent or broker. Certain medical conditions will cancel any payment to be made. Not all policies are alike.

The limitation of benefits to be paid under an accident claim are shown under Section B - Accident Benefits of the automobile policy. Ask your insurance adjuster or refer to your province or territory's requirements and limitations for further information.

A group plan administrator usually provides information on an employee group plan. Your insurance agent or broker is not licensed to act as a claims adjuster but often will give assistance in processing paperwork, getting signatures on proof of loss and delivery of cheques to the insureds.