„Beneficiary“

1. In the case of a letter of credit, the individual or company who is entitled to draw or demand payment under its terms.

2. In the case of insurance, the person entitled to take the proceeds.

3. The person for whose benefit a contract, or trust, or will is executed or enforced.

Source:

Carter, J.R & Trimble, J.R. (2010). International Trade Law: A Comprehensive Guide. London: Routledge.

Taubenfeld, H.J. (2001). Insurance Law & Regulation: Cases and Materials. New York: Foundation Press.

Snell, E.A. (2010). Equity, Trusts and Succession. Oxford: Oxford University Press.