When a person is named on a policy to receive payment in the event of a specified event, what are they referred to as?

In the context of an insurance policy, the person named to receive payment in the event of a specified occurrence is referred to as the beneficiary. This term specifically identifies someone who is designated to benefit from the policy, typically in scenarios such as life insurance, where the beneficiary would receive a payout upon the death of the insured party.

The role of the beneficiary is pivotal, as they are the individuals or entities that the insured has chosen to receive the financial benefits tied to the insurance coverage. Their designation is typically included in the policy documentation, making it clear who is entitled to the benefits upon the occurrence of the insured event.

The other terms listed have distinct meanings within the insurance context. The insured is the individual whose life or property is covered by the policy; the policyholder is the person who owns the insurance policy and has the authority to make decisions regarding it; while the claimant is someone who files a claim for benefits under the policy, which might or might not be the same as the beneficiary. Thus, the specific role and definition of the beneficiary align clearly with the question asked.