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3 years ago

The person who receives financial protection from a life insurance plan is called

2 answers:

7 0

The answer to this question is A. Beneficiary
Payer is the person who buy the insurance (not necessarily for themselves only, can be given to their family or friends). Insured can not only be a person, but it also can be an object (such as cars). And the giver is the company who provide the insurance service for the payer.

Leto [7]3 years ago

5 0

Option (A) is correct.

<u>Beneficiary receives the financial protection from a life insurance plan. </u>

Further Explanation:

Beneficiary: Beneficiary is a person(s) or an entity which receives the insurance claims at the time of the death of the insured person. When a person buys an insurance plan and appoints a beneficiary who would receive the benefits of the insurance at the time of the death of the insured person.

<u> In the given case, the person is receiving the financial protection from the life insurance plan is considered as beneficiary because this party would receive the insurance benefits after the death of the insured person. </u>

Justification for the correct and the incorrect options:

Beneficiary: This is the correct option.

The beneficiary refers to the person who receives the insurance benefits at the time of the death of the insured person.

Payer: This is an incorrect option.

The payer pays the insurance premium for the insurance plan.

Insured: This is an incorrect option.

Insured person is the party whose death forces the insurance company to pay the insurance benefits to the beneficiary.

Giver: This is an incorrect option.

Premium does not receive the financial protection from the insurance plan.

Learn more:

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Answer details:

Grade: High School

Subject: Business Studies

Chapter: Life Insurance Policies

Keywords: Person, receives, financial protection, life insurance plan, called, beneficiary, payer, insured, giver, insurance plan, insurance, parties of the insurance plan, death of the insured, claims, who receives.

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