YOU ASK:
What is the definition of Primary Beneficiary?
WE ANSWER:
The Primary Beneficiary is a person or entity designated to receive the death benefits of a life insurance policy or annuity in the even to the insured person's or annuitant's death. The primary beneficiary usually is the spouse, the children or the company the person works for (if that company is the one who insured him as a key man).
There can be one primary beneficiary and a percentage can be assigned as to what portion of the proceeds they will receive.
This is also called a first beneficiary, since the primary beneficiary is the first in line to get the benefits.
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