Beneficiary
The person legally entitled to a benefit, distinct from a nominee.
In life insurance under MWP Act (Married Women's Property Act), the beneficiary is the actual owner of the proceeds, beyond the reach of creditors and other heirs. In a trust or a will, the beneficiary is the person to whom assets ultimately go. A nominee, by contrast, is a custodian. For high-value life cover meant to protect a spouse or child, an MWP Act assignment is much stronger than a simple nomination.
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