Benefit Illustration
A plain-English definition from the DeployIT insurance technology glossary.
In short: A standardized projection of a policy's benefits and charges that must be shown to (and acknowledged by) the buyer for certain products.
Related terms
- Suitability Assessment
- The mandated check that a recommended insurance product matches the customer's needs and financial situation, with the assessment recorded.
- Free-Look Period
- The window (typically 15-30 days) after policy receipt during which a policyholder can return the policy for a refund.
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.