A Beneficiary in Banking is an individual or organisation that receives money, properties or valuable items. This term is commonly used when a person receives a will, a policy or simply opens a bank account Naming the person as ‘ beneficiary ’ ensures that the money and assets are sent to the right person. This leads to easy money transfer and eliminates possible confusion between potential claimants. Understanding beneficiary function and significance is important for smart wealth ... The term beneficiary is a core concept under personal finance . Get to know the definition of beneficiary , what it is, the advantages, and the latest trends here. Guide to What is Beneficiary & its meaning . We explain its types, example, risks, and comparisons with dependent and trustee. Beneficiary definition : One that receives a benefit.Origin of Beneficiary Medieval Latin beneficiārius holder of a feudal benefice from Latin soldier granted privileges from beneficium benefit benefice From American Heritage Dictionary of the English Language, 5th Edition Latin bene (“well”) + facio (“make”) + -ary From Wiktionary
