Definition of "Beneficiary"

The person(s) named in the term life insurance policy that are to receive the life insurance proceeds upon the death of the insured.

Person chosen by the annuitant to receive the proceeds from the annuity in case of the annuitant's death.

The designation by the policyowner indicating who will receive the proceeds paid upon the insured's death or when an endowment matures. The beneficiary may be anyone with an insurable risk including a relative, non-relative, charity, corporation, partnership or a trust.

A person or entity who is the recipient of or will receive some or all proceeds of money or property held by the current owner upon a specified event or condition. Such vehicles as life insurance policies, inheritances, annuities or trusts may require that a beneficiary be named.

Generally, the person(s) who receive(s) money upon the death of the annuity's contract owner or annuitant. The contract owner decides who the beneficiary will be. The person designated to receive payments due upon the death of the annuity owner or the annuitant. Person chosen by the annuitant to receive the proceeds from the annuity in case of the annuitant's death.