What are the differences among a policy owner, the insured, and the beneficiary?
The policy owner is the person who owns an insurance policy, while the insured is the individual whose life is insured. The beneficiary is the person or other party designated to receive the proceeds from certain assets, including a life insurance policy, an annuity, a retirement account, or a trust. A beneficiary is usually noted in a will and has first rights to receive the benefits of a life insurance policy/annuity following the death of the insured/annuitant.
