The recipient designated in the policy as the receiver of the guaranteed payment in the event of the policyholder's death. Also called the beneficiary.
The person or party who will receive any proceeds of a life insurance policy still payable under a settlement option at the time of the primary payee's death. Also known as successor payee.
The person(s), estate, or financial instrument (for example, a trust fund), named in the policy as the recipient of the guaranteed payment in the event of the policyholder's death. Also known as beneficiary.
(1) For life insurance, the person or party who is to receive insurance policy proceeds in accordance with the terms of a settlement agreement following the payee's death. Also known as successor payee. (2) For annuity contracts, a person designated by the annuity contract owner to receive any remaining annuity payments upon the death of the payee.
The party who will receive any life insurance or annuity proceeds that are still payable at the time of the primary payee's death. Also called the successor payee.