Beneficiary

{
  "id": "MLC-T-INS-000547",
  "term": "Beneficiary",
  "field": "Insurance and risk management",
  "definition": "The person, entity, trust, or estate designated to receive the proceeds or benefits from an insurance policy, annuity, or retirement account upon the insured's death or another triggering event. The policyholder names the beneficiary, and can designate primary and contingent beneficiaries. A contingent beneficiary receives the proceeds only if the primary beneficiary is deceased or otherwise unable to accept them at the time of the claim.",
  "url": "https://mlchart.com/terminology/insurance/beneficiary/"
}