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Term used to refer to the person who receives the benefits of a trust or the recipient of the proceeds of a life insurance policy.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


1. In insurance, the person or (more rarely) organization that receives money from the insurance company when the insured event occurs. For example, in life insurance, when the insured person dies, a beneficiary may be his/her spouse This means that the spouse receives the agreed-upon amount of money from the insurance company.

2. In annuities, the annuitant. The annuitant is the person who receives the agreed-upon amount of money from the annuity starting at the agreed-upon time. Depending on the type of annuity, the annuitant may be the person who paid into the annuity, or may be a relative or other designee of that person, such as a widow or widower.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


A beneficiary is the person or organization who receives assets that are held in your name in a retirement plan, or are paid on your behalf by an insurance company, after your death.

If you have established a trust, the beneficiary you name receives the assets of the trust.

A life insurance policy pays your beneficiary the face value of your policy minus any loans you haven't repaid when you die. An annuity contract pays the beneficiary the accumulated assets as dictated by the terms of the contract.

A retirement plan, such as an IRA or 401(k), pays your beneficiary the value of the accumulated assets or requires the beneficiary to withdraw assets either as a lump sum or over a period of time, depending on the plan. Some retirement plans require that you name your spouse as beneficiary or obtain written permission to name someone else.

You may name any person or institution -- or several people and institutions -- as beneficiary or contingent beneficiary of a trust, a retirement plan, annuity contract, or life insurance policy. A contingent beneficiary is one who inherits the assets if the primary beneficiary has died or chooses not to accept them.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.


A person who receives the benefits from something although perhaps not the legal owner of the thing.In real estate,the term is usually encountered in the context of a trust,in which a trustee holds what is called bare legal title to the property,but the property itself and all sums gained from the property are held for the beneficiary.Care should be taken when buying,selling,or leasing property that involves a beneficiary,and,if at all possible,one should gain the beneficiary's signature even though it is not technically required.Otherwise,you could find yourself in the middle of litigation between the trustee and the beneficiary if the beneficiary claims the actions taken were illegal and not authorized.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
4.Manner of identification of beneficial owner from controlling ownership, controlling voting rights, controlling through other means, and exercising ultimate effective control.
Beneficial said the purchase of the branches by The Bank of Princeton is subject to regulatory approval and satisfaction of certain conditions, including the closing of WSFS' acquisition of Beneficial.
These are the five retail banking offices previously identified by WSFS Financial Corporation, and its subsidiary WSFS Bank, on December 13, 2018 as being outside of the combined core footprint of Beneficial and WSFS following the previously announced merger of the two companies, which is expected to close in the first quarter of 2019.
acted as financial advisor to WSFS Bank, as successor in interest to Beneficial following the planned merger, while Covington & Burling LLP provided legal counsel.
Speaking about it, study author Hana Kahleova said, "These beneficial gut hormones can help keep weight down, enhance insulin secretion, regulate blood sugar, and keep us feeling full longer."
However, antibiotics also destroy beneficial bacteria that enhance immune function and resistance to infection.
Their efforts have made it clear that identifying Beneficial Ownership of entities participating in a financial transaction is a priority.' Meanwhile, advances in transparency are said to be taking place in the European Union, Latin Americaand potentially even in tax shelters such as the Cayman Islands or the British Virgin Islands.
Beneficial State opened for business in 2007 and was certified as a B Corporationa in 2012.
However, there now is a global momentum, led by the Europeans, to make beneficial ownership registries accessible to the public, and trusts under certain conditions, to more effectively address the threats posed by money laundering, terrorist financing, corruption and tax evasion.
All the companies having legal persons as their members or shareholders are required to obtain and maintain information from their members and shareholders about the ultimate beneficial owners within 90 days, states the SECP circular.
Under the directives of the circular, all companies having legal persons as their members/shareholders are required to maintain up-to-date information relating to their beneficial owners.