What is the term for the person or entity designated to receive the death benefit in life insurance?

The term for the person or entity designated to receive the death benefit in life insurance is "beneficiary." The beneficiary is specifically named in the policy and is entitled to receive the financial benefit when the insured individual passes away. This designation is an essential aspect of life insurance policies, as it ensures that the intended recipient receives the funds promptly and without complications.

The insured is the individual whose life is covered by the policy, while the policyholder is the person who owns the insurance policy and is responsible for paying the premiums. The underwriter plays a different role, as this is the professional who assesses risk and determines the appropriate premium for insured individuals based on their health, lifestyle, and other factors. Understanding these roles helps clarify the correct identification of the beneficiary within the context of life insurance.