Person designated to receive proceeds of an insurance policy?

The person designated to receive proceeds of an insurance policy is known as the beneficiary. The policyholder names the beneficiary when the policy is established, and they may choose multiple beneficiaries or specify percentages for each. In the event of the policyholder's death or the occurrence of a covered event, the insurance company pays the benefits directly to the designated beneficiary. It's important for the policyholder to keep beneficiary information up to date to ensure the intended individuals receive the proceeds.