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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
Home Equity Loan
A type of loan in which a homeowner borrows against the equity in their property, typically at a fixed interest rate and for a fixed term.
Overdraft Line of Credit
A loan tied to a checking account that can be used to cover transactions that exceed the available balance in the account.
Balance Transfer
A financial transaction in which an individual moves their outstanding credit card balance to a new card.