The person who receives financial protection from a life insurance plan is called a:

The person who receives financial protection from a life insurance plan is called a:

Options:

A. Beneficiary

B. Payer

C. Insured

D. Giver

 

Detailed Answer Explanation:

A beneficiary is a person or entity in a life insurance contract that is entitled to receive the claim amount and other kinds of benefits on the maturity of the contract or in case of death of the benefactor. In the initial phase of signing the insurance contract, the insured person is asked to choose the beneficiary.

In case if the beneficiary that is chosen is minor then there is also a provision to choose a contingent beneficiary by the insured party.

 

Jan pays $70 each month for her auto insurance policy. This regular payment is called a:

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