Normally beneficiary is the seller or exporter in whose favour the documentary credit has been established.
Beneficiary is the party who will receive payment under a financial guarantee if certain events occur, such as default on a loan.
Beneficiary means one or more persons or organizations that the policyholder designates to receive the cash payment on a life insurance policy.
Webster Dictionary Meaning
1. Beneficiary- Holding some office or valuable possession, in subordination to another; holding under a feudal or other superior; having a dependent and secondary possession.
- Bestowed as a gratuity; as, beneficiary gifts.
2. Beneficiary- A feudatory or vassal; hence, one who holds a benefice and uses its proceeds.
- One who receives anything as a gift; one who receives a benefit or advantage; esp. one who receives help or income from an educational fund or a trust estate.
Category: Banking & Finance
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