What term is used for the entity that receives policy benefits upon the death of the insured?

The term that refers to the entity designated to receive policy benefits upon the death of the insured is "Beneficiary." In insurance, the beneficiary is the individual or entity that is entitled to receive the benefits or proceeds from a life insurance policy when the insured individual passes away. This designation is crucial as it determines who will receive the financial support intended by the insured person.

The insured refers to the individual whose life is covered by the policy, while the policyholder is the person who owns the insurance policy. "Assured" can sometimes be synonymous with insured, but it is less commonly used in this context. Understanding these definitions is essential for comprehending the roles and responsibilities associated with insurance policies, particularly in life insurance scenarios.