- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Lending
- Meet the Team
- Loans
- Home Loans
- Conventional Mortgages
- Jumbo Mortgages
- High-Balance Mortgages
- Family Homes, Co-Ops, and Condos
- Investment Property
- ARMs
- Adam Gonda
- Xiang He Lin
- Sabrina Kilgore
- Omar Osoria
- Michele Palmucci
- Cesarina Pena
- Walter Skowronski
- Shantell Wynn
- Homebuyer Dream Program
- Heroes Home Improvement Loan
- Mortgage Center
- Credit Cards
- Insurance
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Security & Fraud Alerts
- Privacy Notice
- Scholarship Search
- Schedule an Appointment
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
Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.
Home Equity Line of Credit (HELOC)
HELOC stands for home equity line of credit, which is a type of loan that allows a homeowner to borrow against the equity in their property.
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.