Glossary
Beneficiary
A beneficiary is the person, company or estate that receives the payouts from an insurance policy. For health insurance, this is usually yourself or the healthcare supplier who needs to be paid. For a life insurance policy it will be the person you named to receive the payout in the event of your death.
Benefit
In insurance terms a benefit is the money your insurers pay you, or the healthcare provider owed, upon making a successful claim. Employee benefits however, are perks a company may offer its staff in addition to their normal salaries, such as private medical insurance, or life insurance.
Broker
An insurance broker is an independent adviser who searches the market on behalf of their clients to obtain the best insurance product to meet their needs.
Business interruption insurance
Insurance policy which covers business earnings lost following an unexpected event causing your business to close or move premises, for example, a fire.
Business loan protection
Business loan protection is a type of insurance policy. It provides funds to allow a business to settle a debt should a key employee (for example a CEO or Director) pass away. A company's overdrafts, loans and even commercial mortgages would all be covered by this type of insurance.