Beneficiary

Person to whom the proceeds of a life policy are payable when the insured dies. The various types of beneficiaries are: primary beneficiaries (those first entitled to proceeds); secondary beneficiaries (those entitled to proceeds if no primary beneficiary is living when the insured dies); and tertiary beneficiaries (those entitled to proceeds if no primary or secondary beneficiaries are alive when the insured dies)

See Also: Accidental Death and Dismemberment; Annually Renewable Term; Conversion Privilege; Decreasing Term Insurance; Insurance Company Ratings;

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