Who designates the beneficiary of a life insurance policy

When you purchase a life insurance policy, you'll be given the option of designating one or multiple beneficiaries to receive a death benefit in the case you pass away. There are almost no rules restricting who you can pick. In addition, you can easily change your beneficiary if, for example, you get divorced.

Who is the beneficiary of a life insurance policy?

What is a beneficiary? A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die.

Who is the beneficiary in a life insurance policy quizlet?

Terms in this set (28) The beneficiary is the person, other than the insured, to whom payment of the life insurance proceeds will be paid upon the death of the insured. proceeds are paid to the estate of the insured.

Who named the beneficiary?

A primary beneficiary is number one on the list to receive benefits outlined in a will. The deceased specifically chooses the primary beneficiary. In the event that the primary beneficiary can't or won't accept the assets, the contingent beneficiary is next in line.

How do you find out if you are a beneficiary?

If you're not sure you were named as a beneficiary in someone's Will, check with the probate court in the county where the decedent lived. Since it is a public record, you can request to see the Will's filing. If you find your name as a beneficiary, contact the executor.