Insurance Term
Beneficiary
The person or entity designated to receive the death benefit from a life insurance policy.
Detailed Explanation
The beneficiary is named by the policyholder. There can be primary beneficiaries (first in line) and contingent beneficiaries (who receive the benefit if the primary beneficiary is deceased). Beneficiaries can be individuals, trusts, estates, or charities.
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Practice QuestionEasy
Which of the following best describes the concept of Beneficiary?
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