What is the definition of Beneficiary?

The beneficiary is the person or organization that stands to benefit from an insurance policy in the event that an insured loss happens.

That is, for a life insurance policy, the beneficiaries will get the death benefit when the insured person dies. There are certain guidelines covering the topic of who is allowed to become a beneficiary. These beneficiaries must survive the insured person's death in order to get the insurance proceeds.

There are different kinds of beneficiaries. There are primary and secondary beneficiaries. The primary beneficiaries are first in line to get the benefits. In the event that the primary beneficiaries all die before the death of the insured, the secondary beneficiaries will receive the insurance proceeds. A revocable beneficiary is one whose name can be removed from the beneficiary list while the irrevocable beneficiary can have his or her name removed from the list of beneficiaries only with his or her written consent.

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• Directors and Officers Liability Insurance