How do you define the term "Beneficiary"?

[Good-Person]

In simple manner, a beneficiary is a kind of person who receives payments. A beneficiary may be a person who may also receive a "benefit' as well in a much broader manner. Having said that, what is the exact meaning of beneficiary? How does a beneficiary gain benefits?

 

[Kane]

A beneficiary is an heir apparent. In other words, a beneficiary is a person who benefits. Most of the time these benefits come as property ownership, stock ownership and cash ownership. Depending on the terms, these benefits might come to your beneficiary during your life time or upon your death