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: -A primary beneficiary is the person (or persons) first in line to receive the death benefit from your life insurance policy-typically your spouse, children or other family members.

Detailed explanation-3: -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-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: -Policyowner-The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation. Premium-The payment, or one of the periodic payments, a policyowner agrees to make for an insurance policy.