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Who is eligible to receive the payout from a Life Insurance policy? Who is entitled to receive the payout from a Life Insurance policy?
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In general, the beneficiary or beneficiaries designated by the policyholder are entitled to receive the payout from a Life Insurance policy. The policyholder has the flexibility to name one or more beneficiaries, who can be individuals, organizations, or even a trust. It's important for the policyholder to keep the beneficiary designation up to date to ensure that the intended recipients receive the benefits. In cases where the beneficiary is a minor, a guardian or trustee may be appointed to manage the funds until the minor reaches the age of majority. It's advisable to consult with the insurance provider or a legal professional to understand the specific details and requirements related to beneficiary designations and payouts for a Life Insurance policy.
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