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Beneficiary is the general term used to describe the person or persons that receives funds, property, or other benefits, from an insurance policy or will. The beneficiary is usually designated at the time an insurance policy or will is signed.
In matters such as retirement accounts the law requires that if you have a living spouse and you designate someone else as your primary beneficiary, or identify a co-beneficiary, the spouse must sign a notice indicating that they are aware they are not the listed primary beneficiary or the sole beneficiary.
Other forms of this term include - beneficiaries |
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