Insurance beneficiary, what does it mean

An insurance beneficiary is a person who receives the benefits of an insurance contract in life insurance. At the same time, beneficiaries are divided into legal beneficiaries and designated beneficiaries. The situation of different beneficiaries may affect the speed of the punching and clocking of claims, where the speed of claims of the designated beneficiary is faster than that of the legal beneficiary.

1. Two cases of the beneficiary.

1.Designated beneficiary: The contract states who the beneficiary is, and only the beneficiary can receive compensation.

2.Legal beneficiary: There is no beneficiary named in the contract, and the compensation amount needs to be collected in the order of inheritance law. (First order: spouse, children, parents; Second order: siblings, grandparents, maternal grandparents).

Second, the conditions that the beneficiary needs to have.

1.The beneficiary enjoys the benefits of the insurance contract and receives the insurance money, but is not a party to the insurance contract and has no obligation to pay the insurance premium.

2.The beneficiary is the person named by the policyholder or the insured in the insurance contract.

Three. Materials provided by the beneficiary.

1.Proof of identity.

2.The reason for the living beneficiary's ID card.

3.The beneficiary's bank account.

Four. Beneficiaries case sharing.

1.Term life insurance liability is death, and the claim type is death insurance, and the claim is paid to the beneficiary.

2.The insurance liability of critical illness insurance is death, and the type of claim is death insurance, and the claim is paid to the beneficiary.

3.The liability of accident insurance is death, the type of claim is death insurance, and the claim is paid to the beneficiary.

An insurance beneficiary is a person who receives the benefits of an insurance contract in life insurance. The beneficiary is designated by the insured and is enshrined in the insurance contract;

Specifically, there are several cases:

1. When the policyholder insures life insurance for himself, the beneficiary may be the policyholder, that is, the insured; It may also be a third party;

2. When the policyholder insures life insurance for others, the beneficiary may be the policyholder, the insured, or a third party. During the term of insurance, the insured person can change the beneficiary.

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The insurance beneficiary, also known as the "insurance beneficiary", is a person designated by the insured or the policyholder to enjoy the right to claim insurance money in accordance with the insurance contract when the insured accident occurs or the agreed insurance period expires.

To put it simply: the beneficiary is who will give your insurance money to when you have an accident.

There are two types of beneficiaries: "designated beneficiaries" and "legal beneficiaries".

1. Designation of beneficiaries.

The insured can designate the beneficiary, the proportion of the benefit and the order of the benefit according to his or her own wishes.

In other words, you can give it to whomever you want, and there is no limit to the number of beneficiaries you can designate, and you can appoint multiple beneficiaries at the same time.

The settlement of insurance benefits is given priority to the designated beneficiary, and will only be distributed to the legal beneficiary if the designated beneficiary dies.

In addition to avoiding family disputes, there are these two benefits of appointing a beneficiary

1. Avoid being levied inheritance tax.

If no beneficiary is designated, the insurance money is often recognized as an inheritance, and the insurance company will pay the money to the legal beneficiary.

Once the inheritance tax is introduced, the actual amount of insurance that the beneficiary will receive in the end will be discounted.

2. The claim materials are relatively simple.

If the beneficiary of the policy is designated, there will be fewer documents to be submitted for the designated beneficiary when the insured dies.

However, if it is a legal heir, it is necessary to provide relevant rights documents that can prove the legal inheritance, and the process is relatively complicated.

In addition, it is recommended that you designate multiple beneficiaries when applying for insurance, and distribute them proportionally, such as 50% for parents, 30% for children, and 20% for spouses.

In the event of misfortune, family conflicts can be avoided to a large extent, and parents can also be left with a certain amount of pension expenses.

If the spouse is the beneficiary of the death, it is important to change the beneficiary as soon as possible if the marital relationship changes.

If no changes are made after the divorce and the insured is still alive, the money belongs to the insured. There will be no division due to divorce.

However, in the unfortunate event of a death benefit, the money will still be distributed to the ex-wife and ex-husband, and it is very likely that the ex-wife's family and parents will compete for the death benefit.

2. Legal beneficiary.

If the beneficiary is not clearly designated, then the insurance company will default to the legal heir as the beneficiary, that is, it will be distributed according to the inheritance law.

The compensation of life insurance is our love for the beneficiary, and when we are unlucky, this compensation is the protection and support for the future life of the loved one, so that it can reach the hands of the loved one, and it is also something that we need to consider and arrange in advance.

It can also be a parent, a child, a spouse and an immediate family member.

Referring to the third paragraph of Article 18 of the Insurance Law, it is clearly stipulated that "the beneficiary refers to the person who has the right to claim insurance money in the life insurance contract designated by the insured or the policyholder".

Thank you for your consultation [smile].

The question is like this, I am going to buy accident insurance, I think the beneficiary is my mother, but the beneficiary appears in the contract, and I don't understand it. I only want the beneficiary to be my mother, and the other beneficiaries don't.

The beneficiary is your mother.

The ratio is 100%.

Okay, I'll take a look at it.

The beneficiary of the insurance, also known as the "recipient of the insurance money", is a person designated by the insured or the policyholder to enjoy the right to claim the insurance money in accordance with the insurance contract when the insured accident occurs or the agreed insurance period expires. There are two types of insurance beneficiaries, one is the designated beneficiary and the other is the legal beneficiary.

1. Specify a beneficiary.

The insured can designate the beneficiary, benefit ratio and income order of the death claim according to his own wishes, that is to say, he can give it to whomever he wants, there is no limit to the number of designated beneficiaries, and multiple beneficiaries can be appointed at the same time, and the insurance claim is given priority to the designated beneficiary, and if the designated beneficiary unfortunately dies, it will be distributed to the legal beneficiary.

2. Legal beneficiary.

If the beneficiary is not clearly designated, then the insurance company will default to the legal heir as the beneficiary, that is, it will be distributed in accordance with the inheritance law.

If we buy insurance, it is recommended that it is best to designate a beneficiary.

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Legal Analysis: An insurance beneficiary is a concept in the field of insurance, which refers to a person who has the right to receive insurance benefits and can receive insurance benefits. In view of the probability of insurance beneficiaries, users need to clarify the following points:

1) There are two types of insurance beneficiaries, one is the designated beneficiary and the other is the legal beneficiary. (2) The legal beneficiary is the legal heir as stipulated in the Inheritance Law. Under normal circumstances, if the policyholder does not designate a beneficiary, the beneficiary of the insurance product is the legal beneficiary, and when receiving the insurance money, the eligible legal person needs to go through the claim paid by the insurance company together, and the insurance amount obtained by each legal beneficiary is the same.

3) The designated beneficiary is directly designated by the policyholder and meets the wishes of the insured, and the designated beneficiary can directly receive the claim payment after the death of the insured. (4) The effect of the designated beneficiary is greater than that of the legal beneficiary, and the legal beneficiary cannot receive the claim payment if there is a designated beneficiary. (5) Most of the current insurance products support the change of insurance beneficiary.

Legal basis: Insurance Law of the People's Republic of China

Article 39 The beneficiary of life insurance shall be designated by the insured or the policyholder. The policyholder's designation of a beneficiary is subject to the consent of the insured. The insured shall purchase life insurance for the worker with whom the employee has an employment relationship, and shall not designate any person other than the insured or his close relatives as the beneficiary.

If the insured is a person with no or limited capacity for civil conduct, his guardian may designate a beneficiary.

Article 40 The insured or the insured may designate one or more persons as the beneficiary. If the number of recipients is combined with several people, the insured or the policyholder may determine the order of benefits and the share of benefits; If the beneficiary share is not determined, the beneficiary shall enjoy the beneficiary rights according to the equal share.

Article 41 The insured or the insured may change the beneficiary and notify the insurer in writing. After receiving the written notice of the change of beneficiary, the insurer shall annotate or attach the endorsement to the insurance policy or other insurance certificates of potato balls. The policyholder's consent to change the beneficiary is subject to the consent of the insured.