📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    âš¡ Month End Offer - Flat 52% Off On All Courses! Enroll Now âš¡
    00:00:00 AM Left

    Question

    An individual who may become eligible to receive payment

    due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as?
    A Adjuster Correct Answer Incorrect Answer
    B Beneficiary Correct Answer Incorrect Answer
    C Service Provider Correct Answer Incorrect Answer
    D Aggregate Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    A beneficiary is any person who gains an advantage and/or profits from something. In the financial world, a beneficiary typically refers to someone who is eligible to receive distributions from a trust, will or life insurance policy. Beneficiaries are either named specifically in these documents or have met the stipulations that make them eligible for whatever distribution is specified.

    Practice Next
    More Insurance Awareness Questions
    ask-question