Option (A) is correct.
Beneficiary receives the financial protection from a life insurance plan.
Further Explanation:
Beneficiary: Beneficiary is a person(s) or an entity which receives the insurance claims at the time of the death of the insured person. When a person buys an insurance plan and appoints a beneficiary who would receive the benefits of the insurance at the time of the death of the insured person.
In the given case, the person is receiving the financial protection from the life insurance plan is considered as beneficiary because this party would receive the insurance benefits after the death of the insured person.
Justification for the correct and the incorrect options:
A.
Beneficiary: This is the correct option.
The beneficiary refers to the person who receives the insurance benefits at the time of the death of the insured person.
B.
Payer: This is an incorrect option.
The payer pays the insurance premium for the insurance plan.
C.
Insured: This is an incorrect option.
Insured person is the party whose death forces the insurance company to pay the insurance benefits to the beneficiary.
D.
Giver: This is an incorrect option.
Premium does not receive the financial protection from the insurance plan.
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Answer details:
Grade: High School
Subject: Business Studies
Chapter: Life Insurance Policies
Keywords: Person, receives, financial protection, life insurance plan, called, beneficiary, payer, insured, giver, insurance plan, insurance, parties of the insurance plan, death of the insured, claims, who receives.
