what does beneficiary mean

Answer 1

A beneficiary is a person or entity designated to receive benefits, assets, or proceeds from a particular arrangement, such as a will, trust, insurance policy, or retirement account. In the context of estate planning, for example, beneficiaries are those who inherit money, property, or other benefits upon the death of the individual who created the estate plan. In insurance, a beneficiary is the individual who receives the payout from an insurance policy upon the death of the insured party. Essentially, the term signifies someone who benefits from the agreement or arrangement in question.