In plain English
This means identifying who should receive money or other benefits from the policy. The recipient can be one person, several people, or an organization.
In context
Here, "beneficiary designation" titles the section where the person, people, or organization to receive policy money or other benefits is named.
- Situation
- Enrolling in policies and reading coverage, member, beneficiary, and effective-date labels
- What it communicates
- titles the section for assigning beneficiary entries
Meaning limits
The term itself does not tell who has been named, only that the recipient of policy money or benefits is being identified.
Examples
“After her divorce, she changed the beneficiary designation on the insurance policy from her former husband to a local charity.”
“Under Beneficiary Designation, list each child and the share each should receive.”