beneficiary

ben·e·fi·cia·ry

noun \ˌbe-nə-ˈfi-shē-ˌer-ē, -e-rē, -ˈfi-sh(ə-)rē\

plural ben·e·fi·cia·ries

Definition of BENEFICIARY

1

: one that benefits from something

2

a : the person designated to receive the income of a trust estate

b : the person named (as in an insurance policy) to receive proceeds or benefits

— beneficiary adjective

Examples of BENEFICIARY

1. The college was a beneficiary of the private grant.

First Known Use of BENEFICIARY

1662

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

Rhymes with BENEFICIARY

devolutionary, eleemosynary, evidentiary, evolutionary, extraliterary, insurrectionary, intermediary, paramilitary, penitentiary, quatercentenary, revolutionary, sesquicentenary, supernumerary, valetudinary

beneficiary

noun    (Concise Encyclopedia)

Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. A contingent beneficiary receives proceeds upon the occurrence of a specified event, such as the death of the primary beneficiary. A direct beneficiary is a third party whom contracting individuals intend to benefit from a contract; an incidental beneficiary benefits without that being the contracting individuals' intention.