Insurance   A layperson's glossary of insurance terminology.

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what is...
BENEFICIARY
An individual designated in the policy contract to receive the claim proceeds of an insurance policy upon happening of the liability/death. In a life insurance policy, the person nominated by the policy holder is normally the beneficiary if the former dies during the policy's term. If the term matures, then the policy holder is the beneficiary as he receives survival benefits on maturity.
ALSO SEE: ACCELERATED DEATH BENEFITS, ANNUITY DEATH BENEFITS, FIDUCIARY LIABILITY, SETTLEMENT OPTION, LIFE INSURANCE, TERM INSURANCE

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