What Is a Beneficiary?

Beneficiaries, also known as "insurance recipients". Refers to the person who has the right to claim insurance compensation when the insured accident occurs in the insurance contract. Usually the beneficiary is the insured or the insured himself. Only in the life insurance death insurance contract, the beneficiary is a third party other than the insured or the insured, which is of independent significance. The beneficiary is generally specified in the contract by the insured or the insured. If not specified, the legal heir of the insured shall be the beneficiary. Changes to the beneficiaries shall be made in accordance with the law and the insurer shall be notified. ^[1]

Beneficiary

(Recipient of Insurance)

in

Basic requirements for beneficiary certification

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Questions and Answers about Beneficiaries

1. In general, how to determine the beneficiary in a life insurance contract?

Expert comment: Generally, in a life insurance contract, the beneficiary is the person who is entitled to receive insurance benefits under the contract after the insured person dies. The beneficiary is designated by the insured and may be the insured or a third party. At the same time, according to the characteristics of beneficiary rights: first, the beneficiary's beneficiary rights are exclusive, others cannot deprive and share the beneficiary's beneficiary rights; second, the beneficiary's insurance benefits are not inheritance, and there is no need to repay the insured pre-life debt . When the insured does not specify the beneficiary when applying for insurance, his legal heir may inherit the insurance money as heir.

2. What is the relationship between beneficiaries and heirs? What is the difference between the two?

Expert comment: Generally speaking, the beneficiary of an insurance contract is not the same as the heir. The beneficiary of an insurance contract refers to the person in the insurance contract designated by the insurant or the insured who has the right to claim insurance premiums. The person who has the right to inheritance of the heir's inheritance; the beneficiary of the insurance contract is established by a specified method, which is for insurance benefits, and the heir belongs to the inheritance law, which is for the inheritance of the heir . That is to say, the heir can be designated as the beneficiary of the insurance contract, but the beneficiary does not specify a clear scope in the designation law, and can be designated by the insured or the insured according to actual needs. Therefore, the heir does not of course become the beneficiary of the insurance contract.

3 What should I pay attention to when designating a beneficiary if I purchase life insurance?

Expert comment: First, the agreement must be clear, do not use vague language, such as "my wife", "my child", etc., and write the name; second, the beneficiary should be designated by the insured, or the policyholder, but It needs to be approved by the insured; moreover, the beneficiary can change. The insured or insured may change the beneficiary before the protected risk accident occurs. Once the insured changes the beneficiary, he needs to obtain the consent of the insured and notify the insurance company in writing.

4 Can I buy life insurance to designate my own benefits?

Expert comment: Whenever the insured survives, the insurance money belongs to the insured, and the insurance company does not accept the designation of other beneficiaries. Only when the insured person dies will the benefit be vested in the beneficiary. For example, in the case of accidental injury insurance, the disability insurance benefits of the insured shall be enjoyed by the insured.