Insurance terminology: what do we call the payment that an insurance firm pays a beneficiary if the terms of an insurance policy are met?
For example - in life insurance, in case an insured party dies, the beneficiaries receive a one-time payment. Or in case a claim is made by someone with homeowner's insurance on hurricane damage.
Yes, "payment" could work here- but I use this throughout to refer to the actual payments made by the insurance companies customers (the premiums). Is there a term for payments made by the company?