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Life Settlement
Educational Information
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DEFINITION OF BENEFICIARY

The party or parties declared by the life insurance policy owner to receive the proceeds (net death benefit) of the life insurance policy after the insured's death. An individual(s), corporation, or trust are common examples, and can be named as primary, contingent, tertiary, revocable and irrevocable. There can be different levels of beneficiary designated for a policy. These levels include Primary, Secondary, or Tertiary beneficiaries. These various levels are used as contingent beneficiaries in case of death of the beneficiary with more senior rights in the policy.

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Related Pages: 1035 Policy Exchange, Absolute Assignment, Policy Owner