Beneficiary
Beneficiary
Beneficiary (/bɛnɪˈfɪʃiːˌɛri/) is a term used in various fields, most notably in insurance and estate planning, to refer to an individual or entity who is eligible to receive distributions from a trust, will, or life insurance policy.
Etymology
The term "beneficiary" is derived from the Latin beneficium, meaning "benefit", and the suffix -ary, which denotes someone or something associated with a condition or status.
Related Terms
- Trustee: An individual or organization that holds or manages assets for the benefit of a third party, often a beneficiary.
- Policyholder: The individual or entity who owns an insurance policy, often designating a beneficiary to receive the policy's benefits.
- Estate: The net worth of a person at any point in time, often distributed to beneficiaries upon the person's death.
- Will: A legal document expressing a person's wishes regarding the distribution of their property after death, often naming beneficiaries.
Usage
In the context of insurance, a beneficiary is the person or entity designated by the policyholder to receive the death benefit from a life insurance policy upon the death of the insured. In estate planning, a beneficiary is the person or entity designated in a will or trust to receive assets or income.
See Also
External links
- Medical encyclopedia article on Beneficiary
- Wikipedia's article - Beneficiary
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