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Insurance vocabulary · Life & Health Insurance

Beneficiary

Meaning in insurance, with examples

/ˌbenɪˈfɪʃieri/nounCore term

In insurance, beneficiary means: The person or organisation named in a policy to receive the money, for example the family member who is paid when the insured person dies.

In Turkish: lehtar, hak sahibi, faydalanıcı

How it is used

Most common in life and personal accident insurance. The policyholder names, adds or changes a beneficiary. In loan-linked policies, the bank is often the beneficiary up to the unpaid loan amount.

Example sentences

  1. He named his wife and two children as beneficiaries of the life policy.

  2. Please send a copy of the beneficiary's ID along with the death certificate.

Common collocations

  • name a beneficiary
  • change the beneficiary
  • primary beneficiary
  • beneficiary designation
  • life insuranceInsurance that pays a sum of money to the named beneficiaries when the insured person dies, and in some products also builds up savings.
  • policyholderThe person or company that owns an insurance policy, signs the contract and is responsible for paying the premium.
  • insuredThe person or organisation whose life, health, property or legal responsibility is protected by a policy. It is usually written 'the insured'.
  • payoutThe money an insurance company pays to a customer or beneficiary after a valid claim.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Life & Health Insurance

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This page explains English vocabulary for learners. It is not financial advice.