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Trial Balance Categorisation

Fill in the b...

Question

Fill in the blanks with suitable words in the following incomplete sentences.
The person who receives the benefit is called ____ in insurance.

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Solution

A person who buys insurance is known as an insured or as the policyholder.
The policyholder assigns a person called "the beneficiary" who receives the benefit of insurance.
The beneficiary can be the policyholder himself or any other person.

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