An insurance benefit is:
A) the contract that reduces the financial loss associated with some risky event.
B) the amount of money a policy holder pays for the insurance policy.
C) the amount of money a policy holder receives if a specific loss occurs.
D) the probability of loss from a specific event.

Question

Quizplus · Accepted Answer

An insurance benefit refers to the amount of money that a policy holder receives from an insurance company when a specific loss occurs. This is the financial compensation that the policy holder is entitled to receive to reduce the impact of the risk event they have insured against.

An Insurance Benefit Is