What is beneficiary?

1. 

   dhrove
   

   junior member
   Joined: Jun '09
   Posts: 9

   Reputation:17

    

   Explain the term beneficiary and what is the procedures to change the beneficiary on my life insurance?

   Posted 2 years ago #
2. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   In Insurance, beneficiary terminology is commonly used for those who are entitled to receive the proceeds of the claim or maturity, survival benefits etc.

   Now who can be beneficiaries under an insurance policy:
   1. Insured Persons/Firms/Institutions
   2. His nominee / Assigned person/ legal Heirs
   3. Financial institutions - Bank, Money Providers- Financiers etc. etc.

   But just by becoming or being a financial institution, nominee of a insured person they cannot become beneficiary under the policy until and unless they are made a part of the policy by the insured and accepted by the insurer and also have a direct financial/legal connection.

   IBS

   Posted 2 years ago #
3. 

   smear
   

   member
   Joined: Jan '12
   Posts: 12

   Reputation:12

    

   An individual, institution, trustee, or estate which receives, or may become eligible to receive, benefits under a will, insurance policy, retirement plan, annuity, trust, or other contract.

   It's important to keep beneficiary records on your policy current to ensure that proceeds are paid as you desire. As the policy owner, you may change the beneficiary(ies) on your policy at any time during the life of the insured.

   Posted 1 week ago #

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