What is a Beneficiary?
Posted on February 7, 2008
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In the simplest term, a beneficiary can either be a person or an entity that is named to receive the benefits from the coverage of your insurance policy. In cases where a beneficiary is not named, death benefits will be paid by the insurer to the estate of the insured.
Naming of beneficiaries should be as clear as possible and include if possible their Social Security Numbers, doing so makes it easier for the insurance company to locate them. Persons or entities that can be named beneficiaries of your insurance policy include:
1. Any individual you choose to designate
2. Two people or more
3. A trustee of a fund or trust that you have set up
4. A Charity
5. Your Estate
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