BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Definition: In life insurance, the beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the benefactor or on the maturity of the policy.

Detailed explanation-2: -A life insurance beneficiary is the person or entity that will receive the money from your policy’s death benefit when you pass away. When you purchase a life insurance policy, you choose the beneficiary of the policy. Your beneficiary may be, for example, a child or a spouse.

Detailed explanation-3: -The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary can’t be found. If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate.

Detailed explanation-4: -A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn’t specifically left to another beneficiary.

Detailed explanation-5: -beneficiary. noun. ben·e·fi·cia·ry ˌbe-nə-ˈfi-shē-ˌer-ē, -ˈfi-shə-rē plural beneficiaries. : a person or entity (as a charity or estate) that receives a benefit from something (as a will or other instrument or legal agreement): as.