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TeachMeFinance.com Beneficiary -- A person who may be eligible to receive or is receiving benefits under an insurance policy other than a policyholder. another definition... beneficiary -- the person designated to receive funds in a trust account or an insurance policy. another definition... Beneficiary -- 1. In the case of a letter of credit, the individual or company who is entitled to draw or demand payment under its terms. 2. In the case of insurance, the person entitled to take the proceeds. 3. The person for whose benefit a contract, or trust, or will is executed or enforced. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.