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Business Glossary

Business Definition for: absolute beneficiary

Dictionary of Insurance Terms

absolute beneficiary

See also beneficiary clause , beneficiary

Related Terms:

beneficiary clause

provision in a life insurance policy that permits the policyowner to name anyone as primary and secondary beneficiaries. The policyowner may change the beneficiaries at any time by simply writing the insurance company and sending the policy for endorsement if that is requested.

individual who will receive an inheritance upon the death of another. The proceeds of an insurance policy may be in the form of a lump-sum or annuity.

Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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