Beneficiary

In insurance law, the beneficiary is the person entitled to receive a benefit under the policy, usually upon the occurrence of the insured event. The term is especially important in life insurance, accident insurance, occupational benefits, and group cover. The beneficiary may be named individually, described by category, or determined by statutory or contractual order. In Switzerland, beneficiary designations can affect estate planning and creditor protection, but they must be read with mandatory family, succession, and social insurance rules. The policyholder’s power to change the beneficiary depends on the contract and applicable law.