BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Beneficiary is the insured’s parents
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Beneficiary is the one whom you have nominated for the insured amount in case of your death.
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Beneficiary is the insured’s siblings
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Beneficiary is the insured’s family
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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.
Detailed explanation-2: -Bacus says this can include your spouse, your children and even parents or any other person who was factually dependent on you. However, a beneficiary nomination form is still an important document.
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.
Detailed explanation-4: -A nominee is a person who holds the property of the deceased until he has to distribute this property to the legal heirs. In a life insurance policy, the beneficiary is an individual you have to nominate to receive the policy proceeds after an unfortunate incident occurs.
Detailed explanation-5: -The single, most important role of a life insurance policy is the death benefit. It is the sum assured by the insurance company that is paid to the beneficiary if something unfortunate happens to the insured person.