Glossary

Benefit

Amount payable by the insurance company to a claimant, assignee, or beneficiary when an insured person suffers a loss.

Brand-name drug

Prescription drugs marketed with a specific brand name by the company that manufactures it; usually this is the company that also develops and patents it. When patents run out, other companies market generic versions of many popular drugs at lower cost. Check your insurance plan to see if coverage differs between name brand and their generic twins.

Broker

Alicensed insurance salesperson who obtains quotes and plans from multiple sources and provides this information to clients.