The beneficiary (also found writing the beneficiary) - is the actual beneficiary, payee or profit, as well as other advantages and benefits of the contract.
They can be both physical and legal persons.
The concept of beneficiary
Beneficiary - the recipient profit, the term can have several meanings, depending on the scope of activities.
If peq comes to insurance business, the beneficiaryIt is the recipient of the indemnity insurance policy. If the person specified in the contract, will not live up to its expiry, the beneficiary can be another person. With regard to property insurance they get any owner, if the property is insured on his behalf by another person.
The law of succession is the heir beneficiary under the will.
Beneficiary - this is also the person receiving the income from their property, for example, by obtaining the rent at the time of the property for rent.
The concept applies to the beneficiary ownersshares which handed them in trust for maximum profit. Beneficiaries share-holders have the right to transfer ownership, solving the problems of the company, the right to vote at shareholders' meetings, as well as to participate in the selection of the company's management.
When it comes to trust, the beneficiary - a person who receives a financial benefit from the assets of the trust management.
The term beneficiary is widely used in the offshorebusiness. In this case - the real owner of the business, which is also called the "ultimate beneficiary". It is usually different from the nominee that is specified in the constituent documents. That is, de facto, the beneficiary is the owner of the business with all the rights management and receives income from business activities, but de jure ownership reserved for other parties. The presence of the nominal leadership justified the preservation of confidentiality in relation to the final beneficiary.
Beneficiaries in banking
In the banking business concept beneficiary used in operations with bank letters of credit, collections, guarantees and certificates.
When making a bank letter of credit beneficiary - the person in whose name it is opened, the owner of the documentary credit.
Within the banking operations of collection, the beneficiaries are the recipient of money after banking operations, which shall acknowledge receipt of the property by the buyer in the transaction.
With regard to the bank certificate,the beneficiary is the recipient of funds on it by its expiration. Since certificates are lack, it is not necessarily the person who opened a bank certificate.
The beneficiary under the bank guarantee in favor lender who should receive the money under the contract.