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Resource LinksReference Library: Glossary of Terms
B
Beneficiary
The person or other party designated to receive life insurance policy proceeds.
Benefit
The amount of money paid when an insurance claim is approved. Also called the policy benefit.
Broker
(1) An insurance salesperson agent who sells insurance products for more than one insurance company. (2) For a career agent, to submit insurance applications to companies other than the agent's own company.
Brokerage Distribution System
A distribution system that relies on commissioned agents, called brokers, who sell the products of more than one insurance company.
Page last updated September 23, 2009