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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Beneficiary


Synonyms:benefits, donee, heir, inheritor, payee, person who gains, receiver
Filed Under: annuities, estate-management, insurance, investments
Tags: annuity, insurance, investment, life insurance
 

Definition of beneficiary

beneficiary
1. The person or legal entity designated to receive or inherit benefits from a benefactor in a will, trust, insurance policy, etc. The beneficiaries in a will are also known as the "devisees" or the "legatees."

Related Terms and Acronyms:

  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • executor   The person who manages the estate of a deceased individual.
  • human life approach   A method of estimating what the probable lifetime financial impact a life insurance policyholder's death would have on his or her beneficiaries.
  • irrevocable beneficiary   A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • revocable beneficiary   A beneficiary whose benefit can be modified without his or her consent.
  • trustee   A person who holds and manages assets for the benefit of beneficiaries.
  • variable death benefit   A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
  • variable universal life insurance (VULI)   A form of life insurance with adjustable premiums, flexible investment options, and tax efficiency.

More Related Terms and Acronyms

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