beneficiary[ben′ə fis̸h′ē er′ē, -fis̸h′ər ē]
- The beneficiary is defined as the person who benefits from something such as a will or a life insurance policy.
An example of a beneficiary is the person who you leave your house to when you die.
Origin of beneficiaryClassical Latin beneficiarius
- a holder of a benefice
- anyone receiving benefit
- a person named to receive the income or inheritance from a will, insurance policy, trust, etc.
- Law a person for whose benefit a trust has been created
- One that receives a benefit: I am the beneficiary of your generosity.
- The recipient of funds, property, or other benefits, as from an insurance policy or trust.
- Ecclesiastical The holder of a benefice.
Origin of beneficiaryMedieval Latin beneficiārius, holder of a feudal benefice, from Latin, soldier granted privileges, from beneficium, benefit; see benefice.
- One who benefits or receives an advantage.
- You are the lucky beneficiary of this special offer.
- (law) One who benefits from the distribution, especially of an estate.
- If any beneficiary does not survive the Settlor for a period of 30 days then the Trustee shall distribute that beneficiary’s share to the surviving beneficiaries by right of representation.
beneficiary - Investment & Finance Definition
The institution or person who receives cash or an investment; typi-cally used to refer to people who inherit money or property through a will, or people who receive the proceeds from a life insurance policy, annuity, or trust.
beneficiary - Legal Definition