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Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Beneficiary

Phonetics: ben·e·fi·ci·a·ry    \ ˌbe-nə-'fi-shēˌer-ē\

Function: noun

Definition 1:
The person designated to receive the income from a trust, estate, deed of trust, or insurance policy can be called a beneficiary.

Definition 2:
A beneficiary could also receive non-financial benefits from a benefactor.