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Life Insurance
A contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.
Proceeds
The amount of money or assets received from a transaction, sale, or event.
Beneficiary
An individual or entity entitled to benefits or proceeds from an insurance policy, trust, will, or other contracts.
Donee Beneficiary
A third party who benefits from a contract made between two other parties, where the intent is to benefit the third party.
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