Beneficiary Flashcards
A person or persons who will receive the death benefit from your life insurance policy, When you. If you die without naming anyone, the money will go to your estate. (The sum of all your property possessions, financial assets and debts) by default.
BENEFICIARY
is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the debt benefit your policy will pay if you die.
BENEFICIARY
When you. If you die without naming anyone, the money will go to your
Estate
What are the 4 classes of Beneficiaries
- YOU AND YOUR SPOUSE
- FRIENDS AND FAMILY
- CHARITY
- GOVERNMENT
WHAT ARE THE THIRD TYPES OF BENEFICIARIES
- PRIMARY BENEFICIARY
- CONTINGENT BENEFICIARY
- RESIDUARY BENEFICIARY
is the person (or people or organizations) you name to receive your stuff when you die. Typically, your spouse.
Primary Beneficiaries
is the second in line to receive your assets in case the primary beneficiary passes away.
Contingent Beneficiary
is the second in line to receive your assets in case the primary beneficiary passes away.
Contingent Beneficiary
is the second in line to receive your assets in case the primary beneficiary passes away.
Contingent Beneficiary
is the second in line to receive your assets in case the primary beneficiary passes away.
Contingent Beneficiary
gets any property that isn’t specifically left to another beneficiary.
Residuary Beneficiary
Premium mode of payment
- One time or Lump Sum
- Yearly
- Semi Annually
- Quarterly
- Monthly
More often than not, people select their _______ as their primary beneficiary
Spouse
__________ as contingent or secondary beneficiaries.
Children
Is a person whose name is recorded on
the legal documentation by the force of law or a decree.
Named Beneficiary
