Asked by theresa betty on Jul 03, 2024
Verified
Professor Doright has a life insurance policy on his own life that provides that in the event of his death, his mother will receive the proceeds. Professor Doright's mother is a(n) :
A) incidental beneficiary.
B) creditor beneficiary.
C) donee beneficiary.
D) assignee.
Life Insurance
A contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
Proceeds
The amount of money or assets received from a transaction, sale, or event.
Beneficiary
An individual or entity entitled to benefits or proceeds from an insurance policy, trust, will, or other contracts.
- Distinguish between different types of third-party beneficiaries.
Verified Answer
Learning Objectives
- Distinguish between different types of third-party beneficiaries.
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