Definition: An insurance beneficiary is a person who receives benefits or compensation from an insurance policy in return for their life, death, disability, medical expenses, or other financial obligations related to their life. They are typically the beneficiaries who receive money or assets given to them by the policy owner and must fulfill specified terms of the policy before it can be paid out. The term 'insurance beneficiary' is often used interchangeably with a 'policyholder' or 'policieshared', referring to someone whose benefits are conditioned upon their coverage under an insurance policy. The meaning and definition may differ based on the specific type of insurance policies being referred to, as well as the context in which they are used. In general, an insurance beneficiary is a person who receives compensation from a life insurance policy or other financial product (e.g., annuity, retirement plan benefits) in return for their life. The term 'policyholder' refers specifically to the insured individual whose interests and needs are conditioned upon receiving benefits as part of the terms of the policy. The specifics of who qualifies as an insurance beneficiary can vary depending on the type of policy and the specific terms of the policy, but generally it involves someone in which the policy is intended to benefit. The term 'insurance beneficiary' is often used with a slight variation in its meaning within the broader context of insurance law or professional guidelines.
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