Beneficiary

Person designated by the insured who would receive the proceeds of an insurance policy upon death of the insured.

Benefit

Amount an insurance company pays to a claimant, assignee or beneficiary when the insured suffers a covered loss, injury, accident etc.

Benefit Levels

The maximum amount a person is entitled to receive for a particular service or services as spelled out in the contract with a health plan or insurer.

Benefit Package

A description of what services the insurer or health plan offers to those covered under the terms of a health insurance contract.

Benefit Period

Benefit period is the maximum time period up to which the plan will pay benefits for any one eligible condition. Some policies have a 12 month while others have a 6 month benefit period; usually this period can extend beyond the date of policy expiration.

Best International Health Insurance

The best international health insurance is the plan that best covers your medical needs.

Best Travel Insurance

The best travel insurance is the one that will give you the best coverage for your money. You want to insure the total cost of your trip.

Binder

Temporary authorization of coverage issued prior to the actual insurance policy.

Blanket Medical Expense

A policy or provision in a Health Insurance contract that pays all medical costs, including hospitalization, drugs, and treatments, without limitation on any item except possibly for a maximum aggregate benefit under the policy. It is often written with an initial deductible amount.

Board Certified

A physician or other professional who has passed an examination which certifies him or her as a specialist in a particular medical area.

Broker

An intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate to their clients. They work on commission and usually sell commercial, not personal, insurance. In life insurance, agents must be licensed as securities brokers/dealers to sell variable annuities, which are similar to stock market-based investments.