In a life insurance policy, what term describes a person who is entitled to benefits upon the death of the insured?

In a life insurance policy, the term that describes a person who is entitled to benefits upon the death of the insured is "beneficiary." The beneficiary is designated by the policyholder and is the individual or entity that receives the death benefit from the life insurance policy when the insured person passes away.

This concept is central to life insurance, as the beneficiary is the party who will financially benefit from the policy, which serves as a means of providing support or financial security for dependents or loved ones left behind by the insured. Designating a beneficiary is a critical step in the policy issuance process, ensuring that the intended recipient has the legal claim to the benefits.

The other options refer to different roles in the context of a life insurance policy. The policyholder is the person who owns the policy and pays the premiums. The insured is the individual whose life is covered by the insurance policy, and the agent is the person who sells the insurance policy and helps facilitate its purchase, but they do not benefit from the coverage directly.