0
* the recipient of funds or other benefits * benefactive role: the semantic role of the intended recipient who benefits from the happening denoted by the verb in the clause * having or arising from a benefice; "a beneficiary baron"
wordnet.princeton.edu/perl/webwn * A beneficiary (also, in trust law, referred to as the cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. ...
en.wikipedia.org/wiki/Beneficiary * One who benefits from the distribution, especially of an estate
en.wiktionary.org/wiki/beneficiary * An individual, institution, trustee or estate which receives, or may become eligible to receive, benefits under a will, insurance policy, retirement plan, annuity, trust or other contract upon the death of a certain person.
www.statefarm.com/learning/life_stages/retire/glossary.asp * The Beneficiary is the person named by the Account Owner in the Account Application (or in a Change of Beneficiary form) who receives the benefit of the Account.
www.mnsaves.org/faq/glossary.html * A lender under a note secured by a deed of trust.
www.gloriabryant.com/glossary.aspx * the person or legal entity that receives the annuity death benefit upon death of the contract owner or annuitant.
annuityspecs.com/Page.aspx * The beneficiary is the person or persons to whom the insurance proceeds are payable when the insured dies. A policy owner may also name a contingent beneficiary to become the beneficiary if all the beneficiary's die while the insured is alive. ...
www.ampminsure.org/notepad/terminology.html * The person or persons designated by a policyholder to receive insurance policy proceeds.
www.gisbenefits.com/glossary.htm * The person who is to receive the benefits from a trust fund.
www.jocobuilder.com/gloss.htm * A person who is eligible to receive benefits from an insurance policy.
www.medtronicsofamordanek.com/spineline/hospital/definitions.html * A person designated by a participant or one who, by the terms of the plan, is or becomes eligible for benefits under the plan.
www.mgo-inc.com/pendefs.html * The person in whose favor a letter of credit is issued or a draft is drawn.
www.usaexportimport.com/glossary.php * The person who, upon the insured's death, has the first right to receive insurance proceeds.
www.spectruminsurancegroup.com/glossary_p.php * In the event an employee dies, benefits are paid to the person or persons listed as primary beneficiary(ies). ...
www.occc.edu/HumanResources/glossary.html * The beneficiary named as first to receive proceeds or benefits from a policy when they become due. (LI)
www.ggil.biz/glossary/p.html * A person or organization designated to receive the funds or other property from a trust, insurance policy, retirement account or other contract.
www.schwab-global.com/public/schwab-gcb-en/investing_from_outside_the_us/glossary/glossary_j_r.html * The first person named in the policy as beneficiary.
www.lifeinsurancesouthflorida.com/Resources/glossary.html
Lexie Crooks
Add your answer:
Earn +20 pts
What is a beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
What is a 2nd beneficiary of life insurance and retirement plans?
A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.
If a life insurance policy names a son as executor and primary beneficiary are the proceeds paid to him as an individual or as executor to the estate?
If this is a hypothetical question - that is the insured is alive - then you should get it CLARIFIED and properly name the beneficiary in the mannner the insured wants his estate handled. If not, please send a copy of the beneficiary page so we can see exactly what was written. The proceeds most likely would be paid to son as beneficiary.
Is a beneficiary responsible to pay debts?
No a beneficiary is not responsible. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Am i the beneficiary of my husband's life insurance?
If he put you in as the beneficiary, then Yes. Look at the policy and find where it says beneficiary to make sure.
Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
What is the difference between a primary beneficiary and a tertiary beneficiary?
A tertiary beneficiary is only entitled to proceeds if the primary and secondary beneficiaries are no longer living.
What if the beneficiary of a life insurance is deceased?
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
If insured dies primary beneficiary dies 10 months later contingents benficiaries listed who get the money?
At the time of the insured's death, the primary beneficiary is legally vested in the benefits under the policy. At the time of the primary beneficiary's death, those benefits would be distributed according to the primary beneficiary's wishes, if legally expressed, and otherwise according to state intestacy laws.
When talking in life insurance what does contengent mean?
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
Can a beneficiary of an IRA name a successor beneficiary in the state of Colorado?
No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.
Is a parent the beneficiary of their child's life insurance?
This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate. Ask the insurance agent and a lawyer for a free consult to be sure.
When referring to life insurance what is the definition of a beneficiary?
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
Can you name someone older than you as your beneficiary on your life insurance policy?
Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.
Can my primary beneficiary be executor?
Yes. However, they should not be a witness to the will.
What is the meaning of tertiary beneficiary in a trust?
A tertiary beneficiary is the third in line to receive something when the primary and secondary beneficiaries have died.
What is a contingeny beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
