"To name a beneficiary" means to choose a person or organization that will receive something valuable, like money or property, after a person passes away or in the event of a certain event occurring. Full definition
This can be done by naming the beneficiary of the policy as the owner as well. (mozdex.com)
If you don't name a beneficiary on your life insurance policy, the proceeds are usually paid to the aforementioned estate automatically — unless you indicate otherwise in the policy. (truebluelifeinsurance.com)
You spouse may have a legal right to the life insurance benefit, even if you do not name them the beneficiary if you used community property money to pay the policy's premiums. (termlife2go.com)