What is the term for the person(s) who receive benefits from an insurance policy?

The term that refers to the person or persons who receive benefits from an insurance policy is "beneficiary." In the context of life insurance and some other types of insurance, a beneficiary is designated to receive the proceeds or benefits upon the occurrence of a specified event, such as the death of the policyholder or the occurrence of a covered claim.

Naming a beneficiary is an essential part of the insurance process, as it ensures that the intended individuals will receive the financial benefits as specified in the policy. This designation can help avoid confusion and ensure that the policyholder's wishes are honored. Beneficiaries can be individuals, such as family members or friends, or entities like trusts or charities.

Other terms in this context, such as policyholders, typically refer to the individuals who own the insurance policy but do not necessarily receive benefits unless they are also named as beneficiaries. Dependents refer to individuals whom the policyholder supports financially but not directly to the benefits received from an insurance policy. Exclusions are specific conditions or circumstances under which the insurance coverage would not apply, further differentiating them from the role of a beneficiary.