Glossary beginning with B

Glossary

Beneficiary

The person who will receive the insurance amount when the need arises.In the case of death of the policy holder, it is the nominee stated in the policy.

Benefit

It is the health care services covered under a health insurance plan.

Benefit Cap

It is the limit on the total amount of benefit the insurer can get.

Benefit Year

It is a yearly cycle for the health insurance plan in which your plan benefits and rates are set. As an example, if your policy came into force on 1st July 2013, the benefit year would be from 1st July 2013 to 30th June 2014. On timely renewal, the next benefit year would be the time span between 1st July 2014 to 30th June 2015 and so on.