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.
beneficiary
of or holding a benefice
Origin of beneficiary
Classical Latin beneficiarius pl. -·ar·ies
- 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
beneficiary
noun
pl. ben·e·fi·ci·ar·ies- 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 beneficiary
Medieval Latin beneficiarius, holder of a feudal benefice, from Latin, soldier granted privileges, from beneficium, benefit; see benefice.Related Forms:
- ben′e·fi′ci·ar′y
adjective
beneficiary
Noun
(plural beneficiaries)
- 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.
Adjective
(not comparable)
- Holding some office or valuable possession, in subordination to another; holding under a feudal or other superior; having a dependent and secondary possession.
- Bestowed as a gratuity.
- beneficiary gifts
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
n
A person entitled to an
advantage, benefit, or profit (such as an inheritance under a will or the
proceeds of an annuity, insurance policy, or property held in trust) arising
from an appointment, assignment, disposition, instrument, or legal arrangement.
creditor beneficiaryA third-party
beneficiary who is to receive the benefit of a contract in satisfaction of a
debt, duty, or liability owed to them by the party who purchased the benefit.
Under certain circumstances, the execution of the contract itself may discharge
the obligation. In any case, the contract must be primarily for the third
person’s benefit.
donee beneficiaryA third-party
beneficiary who is to receive the benefit of a contract as a gift from the
party who purchased the benefit.
incidental beneficiaryA person who is
not a party to, but is the unintended beneficiary of, a contract or trust. Such
a person has no legally enforceable right to the benefit they receive.
intended beneficiaryA person
who is not a party to a contract or trust, but is intended by the parties to
benefit from the contract or trust. Such a person has the ability to legally
enforce the contract or trust once their right to the benefit vests.
third-party beneficiaryA person
who is not a party to, but is the intended beneficiary of, a contract.
