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Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
More Details
A beneficiary is a person or entity that is designated to receive assets or benefits from a will, trust, insurance policy, or other legal document. Beneficiaries are often named in these documents to ensure that the assets or benefits are distributed according to the wishes of the person who created the document.
Example
In the case of a life insurance policy, the beneficiary is the person or organization that will receive the payout from the policy when the insured person passes away.
Related Terms
Amortization
The process of paying off a loan through regular installments, the amount of which is determined by the loan amount, length, and interest rate.
Electronic Funds Transfer (EFT)
A type of financial transaction that involves the movement of money between accounts using electronic communication.
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.