Beneficiary (Meaning & Definition)
A beneficiary is a natural person or a legal entity who receives money , profit , advantage or a gift under a will from the benefactor. For example- A person named to receive something or some profit in a will is the beneficiary under such will. Similarly, the beneficiary of a life insurance policy is the person who receives the payment of the insurance amount after the insured’s death.
A beneficiary is that person, entity who is named to receive profits or assets from a trust, an estate, an insurance policy or any instrument in which there is distribution.`
“Incidental beneficiary” and “Third party beneficiary” are related to the concept of “beneficiary”, who, although are not specifically named, but still gain a benefit, such as someone who will make a profit if a piece or part of property is distribute to another.