benefits
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The indemnities or payments specified in the insurance contracts. For life policies, these may include death benefits, waiver of premiums in event of disability, payments of income because of permanent disability, and double indemnity.
Internal Revenue Service 1See also additional reserves, beneficiary, deposit administration (da) contracts, disability, gross premium reserve, group disability insurance, insurance reserves, long-term care (ltc) products, modified coinsurance, mortality cost, mortality ratio, policy reserve strengthening, primary beneficiary, principal sum, prospective reserve