Beneficiaries
Beneficiaries
Beneficiaries (pronunciation: ben·e·fi·cia·ry | \ ˌbe-nə-ˈfi-shē-ˌer-ē, -shə-rē \) is a term used in various fields, including law, finance, and healthcare. It refers to the person or entity who benefits from an action, decision, or policy, particularly in the context of receiving money or other benefits.
Etymology
The term "beneficiary" originates from the Latin word "beneficium", meaning a benefit or privilege, and the suffix "-ary", which denotes someone or something that carries out or is associated with an action.
Related Terms
- Trustee: A person or organization that holds or manages assets for the benefit of another person or entity, known as the beneficiary.
- Policyholder: The individual or entity who owns an insurance policy and often designates the beneficiary.
- Estate: The total property, real and personal, owned by an individual prior to distribution through a trust or will. Beneficiaries are often named in relation to an estate.
- Will: A legal document expressing a person's wishes about the distribution of their property after death. Beneficiaries are named in a will.
- Life Insurance: A contract between an insurance policy holder and insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.
In Healthcare
In the context of healthcare, a beneficiary is an individual who is eligible to receive benefits from a specific healthcare program, such as Medicare or Medicaid. The benefits may include coverage for medical services, prescription drugs, and other healthcare-related costs.
In Law
In legal terms, a beneficiary refers to the person or entity who receives benefits or advantages from a particular action, such as the creation of a trust or the drafting of a will. The benefits may be in the form of property, assets, or other rights.
In Finance
In finance, a beneficiary is the person or entity designated to receive the proceeds from a financial instrument, such as a life insurance policy, retirement account, or trust. The beneficiary may receive the benefits upon the death of the original owner or upon the occurrence of a specific event.
External links
- Medical encyclopedia article on Beneficiaries
- Wikipedia's article - Beneficiaries
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