Who is referred to as a beneficiary in a life insurance policy?

A beneficiary in a life insurance policy is the person or entity that has been specifically designated to receive the death benefit when the insured individual passes away. This designation is a crucial part of the policy, as it determines who will receive the financial payout intended to provide support or fulfill specific obligations after the policyholder's death.

In life insurance terms, the beneficiary can be a family member, friend, or even an organization such as a charity. The ability to assign a beneficiary allows policyholders to plan for their loved ones' financial security or contribute to causes they care about, highlighting the purpose of life insurance as a financial safety net.

The other roles mentioned, such as the insurance agent or the individual responsible for managing the policy, are not recipients of the death benefit and therefore do not qualify as beneficiaries. The insured person, while they are the one covered by the policy, is not in a position to receive the payout unless they have designated themselves as the beneficiary in a specific way, which is less common. Thus, the accurate definition of a beneficiary is as stated, making that choice the correct answer.