Beneficiary

A beneficiary is an entity, individual or organization, that receives certain amounts of money or other forms of benefit from a second entity which is referred to as a benefactor. In insurance, in the case of a life insurance policy for example, the beneficiary is the person designated by the policyholder to receive an amount of money upon the death of the policyholder. In legal terminology the beneficiary can also be called “Cestui que use� and depending on the geographical area terms like “devisees� or “legatees� can be used instead of “beneficiaries�.