term:

Death Benefit

death benefit n

:

money payable to the beneficiary of a deceased as a benefit (as under a policy of life or accident insurance or a pension plan) NOTE: The right to death benefits is generally terminated in cases of fraud, as when an insured commits suicide after purchasing a policy or when the beneficiary murders the insured.

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.