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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
APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
Custodian
A person or entity that holds and safeguards assets on behalf of another entity.
Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.