16:09
Just got my Michigan rejection
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Simple English definitions for legal terms
primary beneficiary
Read a random definition: Option ARM
A quick definition of primary beneficiary:
A primary beneficiary is a person who is designated to receive the proceeds of a life insurance policy when the insured person dies. This means that if the insured person passes away, the primary beneficiary will receive the money from the policy. It's important to choose a primary beneficiary when purchasing a life insurance policy to ensure that the money goes to the intended person.
A more thorough explanation:
A primary beneficiary is a person who is designated to receive the proceeds of a life insurance policy when the insured person dies. This person is chosen by the policyholder and is usually a family member or loved one.
For example, if John has a life insurance policy and designates his wife, Jane, as the primary beneficiary, then Jane will receive the proceeds of the policy when John dies.
It is important to choose a primary beneficiary carefully and to keep the designation up to date, as this person will receive the benefits of the policy.