A policy beneficiary is a person or entity that will receive the benefits or money from an insurance policy if something happens to the insured person, like their death or illness. Full definition
You can actually list a special needs trust as your life insurance policy beneficiary in lieu of an actual person. (protective.com)
With this type of arrangement, each of the partners will purchase a life insurance policy on all of the others, naming all of the other partners as policy beneficiaries as well. (insurancescored.com)
If you die during the term of the insurance policy your beneficiary receives the death benefit, also known as the face amount, of your policy. (term-life-online.com)