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Regarding Beneficiaries,if the Promisee Is Making a Gift,the Third Party

question 43

Multiple Choice

Regarding beneficiaries,if the promisee is making a gift,the third party is called a _______ beneficiary.


Definitions:

Life Insurance

An insurance contract that provides monetary compensation for losses suffered by another’s death.

Beneficiary

A third party receiving benefits from a contract made between two other parties. Also, the person named in an insurance policy to receive benefits paid by the insurer in event of a claim.

Fire Insurance Policy

A contract that provides coverage against losses or damages caused by fire to property.

Premium

The consideration paid by the insured to the insurer for insurance protection.

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