Question

Bob's life is insured by Insuracare (a large insurance company). When Bob dies, the death benefit will be paid to his son Jack. The policy is owned and paid for by Jack.
In this case, what roles is Jack fulfilling?

Answer 1

Answer:

Role of 'Beneficiary'

Explanation:

A beneficiary is a person, who is entitled to receive funds from distribution of will, trust, life insurance. The person(s)' name could be directly mentioned, or he / she could satisfy the eligibility set up as per the benefactor (the person determining).

Bob's life is insured by Insuracare (a large insurance company). When Bob dies, the death benefit will be paid to his son Jack. As mentioned, Jack will get the death benefit. So, he is the one receiving monetary funds. Hence, he is the Beneficiary