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Term Definition Beneficiary - a person who benefits from another’s act or action, such as a will, insurance, and annuity.
Application in Divorce At the time of divorce, many spouses will either draft a will or amend an existing will, because he or she no longer desires to have an ex-spouse as a beneficiary of any death does occur.

In payor is insurable.

The above child-support scenario can also be easily applied to any order to achieve similar financial protection.

Upon divorce, the property distribution alternate payee as the beneficiary.