Beneficiary
A person who may become eligible to receive or is receiving benefits under an insurance policy other than a participant. There may be one or more designated beneficiaries, including primary beneficiaries who are entitled to the proceeds if they are living, and contingent beneficiaries who are entitled to the proceeds if there is no surviving primary beneficiary when an insured dies. See also Irrevocable Beneficiary, Revocable Beneficiary, Primary Beneficiary, Secondary Beneficiary and Contingent Beneficiary.
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