Benefit Policy:
In some cases the extent of loss cannot be quantified in monetary terms, and hence the amount payable under a life policy is a benefit and not an indemnity.It also means that the extent of compensation need not be restricted to the sum assured under one specific policy and that payment under other policies if they exist can be collected too.
In some cases the extent of loss cannot be quantified in monetary terms, and hence the amount payable under a life policy is a benefit and not an indemnity.It also means that the extent of compensation need not be restricted to the sum assured under one specific policy and that payment under other policies if they exist can be collected too.
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