Discover a clear glossary of insurance terms, including cash value, pre-existing condition, premium holiday, and more.
In insurance, a beneficiary is an individual or entity entitled to receive benefits or payments from an insurance policy upon the death of the insured. The beneficiary is typically designated by the policyholder and can be a family member, another individual, or an organization specified in the insurance contract. They receive the insurance claim according to the terms outlined in the policy.