Beneficiary
Posted in Insurance
define: Beneficiary
The person, estate, charity, or other recipient named in a life insurance policy to receive the policy holder’s death benefit. The whole idea of buying life insurance is to provide for the ones you love in the event of your death. The person or persons to whom the death benefit is to be paid is known as the beneficiary, or beneficiaries.
In most cases the beneficiary of the life insurance policy will be a family member, often the spouse of the policyholder. It is important for life insurance applicants to name their beneficiary at the time the policy is purchased, and to keep the beneficiary information updated as life circumstances change.
This definition is filed under Insurance.
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