1. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    Life insurance is used to protect family members, business associates or charitable organizations of the policy insured from financial liabilities and future obligations. If the event that the policy insured dies death benefit proceeds are paid to the policy beneficiaries like family members, business associates, charitable organizations and even irrevocable life insurance trusts.
     
    Answered on July 6, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    The beneficiary in a life insurance policy is the person or entity that will receive the death benefit when the insured person passes away. The primary beneficiary is the first person in line for the death benefit. The contingent beneficiary would receive the life insurance proceeds if the primary beneficiary is not alive.
    Answered on July 10, 2013
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