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benefit business definition
- An entitlement that is part of an employment contract. For example, employees at a firm may receive dental and health insurance as benefits. Also called employee benefit, fringe benefit. See also certified employee benefit specialist.
- Payment by an insurance company to an insured person or an insured person's beneficiary. A person who has health insurance and is hospitalized will receive benefits from his or her insurance company. See also defined-benefit pension plan.
- Payment by a public assistance program.
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