What is the term for a demand made by an insured for payment of insurance benefits?

The term for a demand made by an insured for payment of insurance benefits is "claim." In the context of insurance, a claim is the formal request that a policyholder submits to their insurance company when they seek compensation for a loss or damage that is covered under the terms of their insurance policy. The process involves the insured providing necessary information and documentation to support their request for benefits.

In contrast, a policy refers to the contract between the insured and the insurer that outlines the coverage, terms, and conditions of the insurance. The deductible is the amount the insured is responsible for paying out-of-pocket before the insurance coverage kicks in. Lastly, a premium is the amount that the insured pays to maintain the policy, typically on a monthly or annual basis. Understanding these terms is crucial for effectively navigating the world of insurance and ensuring that claims are handled appropriately.