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. Description: Generally, a beneficiary is a person who receives benefit from a particular entity (say trust) or a person.

Detailed explanation-2: -What is a beneficiary? A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die.

Detailed explanation-3: -A beneficiary can be a person, charity, business or trust. If the beneficiary is a person, they can be a relative, child, spouse, friend or anyone else you happen to know. As some agents like to say, you can even name your “secret lover” as a life insurance beneficiary.

Detailed explanation-4: -A primary beneficiary is the first person you name to receive the proceeds from your insurance policy upon your death. You can designate 100% of the proceeds to one primary beneficiary or you can divide the proceeds among multiple primary beneficiaries.

Detailed explanation-5: -A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: One person. Two or more people. The trustee of a trust you’ve set up.