What is a beneficiary?
A Beneficiary is the person or persons who receives the Accidental Death and Dismemberment (AD&D) benefit if the Insured dies in an accident while insured under the policy. The Insured will automatically be the Beneficiary for any insured spouse and children. Examples of beneficiaries include: your spouse, your children, your estate or your living trust.
A beneficiary is the recipient of your wire or draft. For wire transfers, the beneficiary is typically your home bank account. For drafts, it can be an individual or company that you need to send payments to. There is no limit to the number of beneficiaries you can set up, but you need to set up your beneficiary before sending a wire or draft.
