Beneficiary
InsuranceThe person or entity designated to receive benefits from an insurance policy, retirement account, or trust upon the owner's death.
Example
Example: When evaluating health, auto, or life insurance policies, understanding beneficiary helps you choose the right coverage at the right price. Since it involves the person or entity designated to receive benefits from an insurance policy, retirement account,, this concept can affect your premiums, coverage limits, and out-of-pocket costs by hundreds or thousands of dollars annually. Compare options with our insurance calculator.