Beneficiary:The individuals or entities designated to receive the death benefits from a life insurance policy or annuity contract.

Benefit:Amount payable by the insurance company to a claimant, assignee, or beneficiary when the insured suffers a loss.

Brand-name drug:Prescription drugs marketed with a specific brand name by the company that manufactures it, usually the company which develops and patents it. When patents run out, generic versions of many popular drugs are marketed at lower cost by other companies. Check your insurance plan to see if coverage differs between name-brand and their generic twins.

Broker:An insurance sales representative who, on behalf of his or her clients, solicits life insurance quotes and generally sells various kinds of insurance for several companies.

Broker-Dealer:A business entity licensed and registered with the Securities and Exchange Commission (SEC) and the National Association of Securities Dealers (NASD). A broker-dealer has the legal right to offer securities products to the public. An agent selling variable life insurance, variable annuity products and other securities, such as mutual funds, must be registered with a broker-dealer.