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Beneficiary

• A person, institution, trustee, or estate named to receive death benefits, if any, from insurance or annuity contracts; also, anyone receiving Social Security benefits.

 
 Embedded terms in definition
 Annuity
Death benefit
Security
Social security
Trustee
 
 Referenced Terms
 Death benefit: The amount payable to a Beneficiary at the death of the annuitant or insured (sometimes referred to as the survivor benefit).

 Survivor benefits: Income payable to a Beneficiary or beneficiaries from an annuity or insurance policy when the policyholder and/or insured dies; Social Security income payable to the family of a deceased worker.

 Whole life insurance: Individual life insurance protection which pays benefits to a Beneficiary or beneficiaries when the insured dies; a savings amount, called the cash value, builds over time and can be used to accumulate wealth (and is available for loans).A contract with both insurance and investment components: (1) It pays off a stated amount upon the death of the insured, and (2) it accumulates a cash value that the policyholder can redeem or borrow against.

 
 Related Terms
 Income beneficiary

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