Beneficiary

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Beneficiary

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.

Beneficiary

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.

Beneficiary.

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.

beneficiary

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.

References in periodicals archive ?
BISP has 5.7 million beneficiaries till date, however, the number of beneficiaries getting cash assistance under Unconditional Cash Transfer (UCT) programme at present is 5,036,401.
Berkowitz (1980), Better, Fine, Simison, Doss, Walls, and McLaughlin (1979), Manus (1981), Schuermann and Hommertzheim (1979), and Walls (1982) conducted studies on rehabilitation outcome of disability beneficiaries. Other studies (Ammons, 1979; Crouse, 1974; McGowan, 1972) examined variables that predicted rehabilitation outcome and adjustment to blindness for blind clients; however, these studies did not focus specifically on blind and visually impaired disability beneficiaries.
Overall, our study predicts that the cap is likely to be ineffective in limiting the number of Medicare beneficiaries because its most direct impact is on beneficiaries who have already sought services.
Between the spring and fall of 1998, 43 of the 347 HMOs that served Medicare beneficiaries told HCFA they would not renew their Medicare contracts, and another 54 announced plans to reduce the geographic areas they would serve.
Assisting beneficiaries to leave the benefit rolls should be equally as enticing.
Moreover, BISP has also recently released the 4th Quarterly installment of the current FY and the beneficiaries of Thar beneficiaries will also receive the installment with the relief amount.
IRAs beneficiaries must pay income taxes up to the fully deductible portion of the IRA proceeds and earnings.
358, would be too expensive for individual beneficiaries, resulting in insurers having to charge exorbitant fees.
* While roughly the same percentage of disabled and aged beneficiaries have drug coverage they receive their coverage through different sources (Figure 3).
Beneficiaries will be covered for an initial physical examination.
Postmortem planning opportunities, such as beneficiary disclaimers of interest and buyouts of certain beneficiaries (e.g., charities), are possible between the owner's death and the September 30 date, enabling the remaining beneficiaries to stretch out their IRA distributions over a longer period than allowed when an IRA beneficiary is not an individual.
According to year wise break-up, Rs 90,000 were given to the deserving persons of Balochistan, Rs 760,000 to Khyber Pakhtunkhwa, Rs 220,000 to Sindh deserving, Rs 1200,000 among the deserving persons of Punjab and Rs 330,000 among the beneficiaries of ICT in 2016-17.