beneficiary

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For more information on beneficiary, visit Britannica.com.

Designation by the owner of a life insurance policy indicating to whom the proceeds are to be paid upon the insured’s death or when an endowment matures. Anyone can be named a beneficiary (relative, non-relative, pet, charity, corporation, trustee, partnership).
A primary beneficiary is the first-named beneficiary, who must survive the death of the insured in order to collect the proceeds.
A contingent or secondary beneficiary will receive the proceeds if the primary beneficiary does not survive the insured. A revocable beneficiary (primary or secondary) can be changed by the policyowner at any time. An irrevocable beneficiary ( primary or secondary) can be changed by the policyowner only with the written permission of that beneficiary. Naming an irrevocable beneficiary removes the policy from the estate of the insured, who thereby gives up incidences of ownership for estate tax purposes.
If a beneficiary is convicted of murdering the insured, the beneficiary cannot collect the death benefit. The insured’s estate would receive the benefit.

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The person who receives or is to receive the benefits resulting from certain acts.


Example: Whitman takes out a $100,000 life insurance policy with her husband as the beneficiary. Should Whitman die, her husband will receive the benefits from the policy.

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n

Definition: person who gains, benefits
Antonyms: giver, payer

This entry contains information applicable to United States law only.

An organization or a person for whom a trust is created and who thereby receives the benefits of the trust. One who inherits under a will. A person entitled to a beneficial interest or a right to profits, benefit, or advantage from a contract.

(ben-uh-fish-ee-er-ee, ben-uh-fish-uh-ree)

The recipient of funds, property, or other benefits from an insurance policy, will, trust, or other settlement.

A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies.

Investopedia Says:
A beneficiary can be a spouse, child, charity or any entity or person to whom the property owner would like to leave his or her possessions and assets.

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How can I get information about my deceased husband's retirement account if his employer withholds it?
This vehicle can provide survivors with guaranteed income and lower premiums. New Option For Beneficiaries: Reversionary Annuities
Life changes make it time to rewrite your plan's designations. An Estate Planning Must: Update Your Beneficiaries
Make sure your beneficiary designations not only reflect your intentions but also meet the requirements to be effective. Mistakes In Designating A Retirement Beneficiary
Designating a trust as your IRA beneficiary can be beneficial, but it requires proper planning to avoid problems. Designating A Trust As Retirement Beneficiary
Use this vehicle to make sure your payout lasts as long as you do. Live Longer, Retire Younger: Can You Do It?
Leaving liquid assets like cash or securities to minors can be a complicated procedure. Make sure you understand how your gift will be distributed, managed and taxed. Designating A Minor As An IRA Beneficiary
Unless certain action is taken by this date, distribution rules can put the youngest inheritor at a disadvantage. September 30: A Key Date For Retirement Plan Beneficiaries
Ignorance and incompetence can cost you money. Make sure your trustee is up to the task. Can You Trust Your Trustee?
Contrary to popular belief, inheriting assets isn't always a good thing. Find out what to do if you want to disclaim them. Refusing An Inheritance
There are many benefits to owning a life insurance policy - if you get the right one for you. Life Insurance: How To Get the Most Out Of Your Policy
Don't trust the courts to follow your wishes - plan the distribution of your own assets. Why You Should Draft A Will
Make sure all your loose ends are tied with these simple reminders and tips for your plans. 5 Retirement Plan Moves To Make Before Year-End
Find out how to protect and provide for your pet after you pass away. Keep Your Pets' Trust

n

1. a person eligible for benefits under a dental plan. n 2. a person who receives benefits under a dental benefit contract. See also covered person; insured; member; and subscriber.

For a list of words related to beneficiary, see:

• Banking and Financial Services - beneficiary: person for whom funds are placed in trust, in whose favor letter of credit is issued, or who receives income from estate, insurance policy, or annuity
• Spending, Receiving, and Possessing Wealth - beneficiary: person named to receive income, inheritance, or proceeds of trust or insurance policy
• Insurance - beneficiary: person eligible to receive insurance payments

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See words rhyming with "beneficiary."

This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)

Common misspelling(s) of beneficiary

• beneficary

Dansk (Danish)
n. - begunstiget, brugsberettiget

Nederlands (Dutch)
begunstigde, vruchtgebruiker

Français (French)
n. - bénéficiaire, légataire, ayant droit, (Relig) bénéficier

Deutsch (German)
n. - Nutznießer

Ελληνική (Greek)
n. - δικαιούχος, δωρεοδόχος

Italiano (Italian)
beneficiario

Português (Portuguese)
n. - beneficiário (m)

Русский (Russian)
бенефициарий, наследник

Español (Spanish)
n. - beneficiario, beneficiado

Svenska (Swedish)
n. - förmånstagare, betalningsmottagare

中文（简体）(Chinese (Simplified))
受惠者, 受益人

中文（繁體）(Chinese (Traditional))
n. - 受惠者, 受益人

한국어 (Korean)
n. - 이익을 받는 사람

日本語 (Japanese)
n. - 受益者, 受取人
adj. - 聖職禄の

العربيه (Arabic)
‏(الاسم) مستفيد, منتفع‏

עברית (Hebrew)
n. - ‮נהנה (מעיזבון), בעל קצבה‬

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