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beneficiary

noun

/ˌbɛnɪˈfɪʃ(ə)ri/

IPA:

Dictionary definition of beneficiary

An individual, entity, or group that receives advantages, profits, rights, or resources from a particular source, arrangement, or endeavor.
"The beneficiary of the trust fund used the money to start a new business."

Detailed meaning of beneficiary

In the context of financial or legal matters, a beneficiary is someone who is entitled to receive assets, money, or property from an estate, trust, or insurance policy. A beneficiary can also refer to a person who benefits from a government program, such as social security or unemployment benefits. The term beneficiary is also used in a broader sense, such as when someone is considered the beneficiary of a charitable organization's efforts or the beneficiary of a company's social responsibility initiatives. In these cases, the beneficiary may not receive direct financial benefits, but rather, they may benefit from the services or support provided by the organization. The term beneficiary is often used in the context of contracts, wills, and other legal documents to refer to the individual or group who is designated to receive the benefits or proceeds of a particular transaction or arrangement.

Example sentences containing beneficiary

1. She is the sole beneficiary of her late grandfather's estate.
2. The charity's primary beneficiary is underprivileged children.
3. As the beneficiary of his life insurance policy, she received a substantial payout.
4. The trust fund's beneficiary will gain access to the funds on their 25th birthday.
5. The nonprofit organization serves as the beneficiary of the annual fundraising event.
6. He named his daughter as the beneficiary of his retirement account.

History and etymology of beneficiary

The noun 'beneficiary' derives its etymological roots from Latin. It is formed from the Latin words 'bene,' meaning 'well,' and 'ficiarius,' meaning 'pertaining to a trust or obligation.' In essence, a 'beneficiary' is someone who benefits or receives advantages, profits, rights, or resources from a particular source, arrangement, or endeavor. This term is commonly used in the context of legal and financial matters, such as wills, trusts, insurance policies, and retirement plans, where it refers to the person or entity designated to receive certain benefits or assets. A 'beneficiary' is typically the recipient of something valuable or advantageous, and the term emphasizes the advantageous position or role of the individual or entity in question.

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Further usage examples of beneficiary

1. The scholarship program aims to provide financial aid to the beneficiary.
2. The elderly widow is the sole beneficiary of her husband's pension.
3. The university's library was the beneficiary of a generous donation.
4. She designated her favorite charity as the beneficiary of her will.
5. The nonprofit organization acts as the beneficiary of community support.
6. The insurance company paid out the policy's face value to the beneficiary.
7. The trust's beneficiary will receive a monthly stipend for life.
8. As the beneficiary of her father's trust, she enjoys a comfortable lifestyle.
9. The designated beneficiary will inherit the family's ancestral home.
10. The nonprofit serves as the beneficiary of the annual charity gala.
11. The art museum was the beneficiary of a valuable art collection.
12. The orphanage is the beneficiary of a substantial endowment.
13. She was named as the beneficiary of her late aunt's savings account.
14. The university scholarship program benefits the chosen beneficiary.
15. The nonprofit organization's primary focus is on helping its beneficiary group.
16. The charity's main goal is to support the needs of its beneficiary community.
17. As the beneficiary of his mentor's wisdom, he achieved great success in his career.