MANAGEMENT

Detailed explanation-1: -Beneficiary means the person whom the policyholder has appointed to receive the guaranteed death benefit of their life insurance policy. It is the person who is entitled to receive the benefits of the policy. A beneficiary can be anyone who has a financial interest in your life.

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 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.

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: -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.