MANAGEMENT

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 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. For retirement or investment accounts, that is the balance of your assets in those accounts.

Detailed explanation-3: -The insured, who is often the owner of the policy, is the person whose death causes the insurer to pay the death claim to the beneficiary, who can be a person, trust, estate, or business.

Detailed explanation-4: -But if your primary beneficiary dies before you do, then the death benefit would be paid to any contingent beneficiaries that you named on your application. If there are no contingent beneficiaries, then the death benefit will most likely be paid directly into your estate.

Detailed explanation-5: -“Beneficiary” or “Beneficiaries” shall mean the person or persons, including a trustee, personal representative or other fiduciary, last designated in writing by a Participant in accordance with procedures established by the Committee to receive the benefits specified hereunder in the event of the Participant’s death.