What does Beneficiary Clause mean? Read on to discover the definition & meaning of the term Beneficiary Clause - to help you better understand the language used in insurance policies.
A beneficiary clause is a clause in an insurance contract that gives the policyholder the ability to name their own primary and secondary beneficiaries and to change these beneficiaries at any time. Beneficiary clauses are commonly included in life insurance contracts. These clauses help policyholders respond to changing circumstances in their lives.
We hope the you have a better understanding of the meaning of Beneficiary Clause.