A beneficiary is the person or persons named in the policy to receive the insurance proceeds at the death of the insured.
What is an Insurance Premium?
A premium is the payment, or one of the periodic payments, a policy owner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly. The premium charged reflects the expectation of loss, expenses and profit contingencies.