A beneficial owner is a person who enjoys the benefits of ownership even though title to some form of property is in another name.
The insured, who is often the owner of the policy, is the person whose death causes the insurer to pay the death claim to the beneficiary, who can be a person, trust, estate, or business.
Definition of beneficial owner: Entity that enjoys the possession and/or benefits of ownership (such as receipt of income) of a property even though its ownership
Beneficial owner. Beneficial owner is a legal term where specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary (2nd Pocket ed. 2001 pg. 508).
All life insurance policies have three primary parties that are required as part of the application process: the insured, the policy owner and the beneficiary(s).
Ultimate Beneficial owner refers to the natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.
The beneficial owner is the individual or entity that enjoys the benefits of owning an asset, regardless of whose name the title of the property or security is in.
The tax treatment of the Insurance Proceeds at the time of a claim depends on the "Original Beneficial Ownership" of the Policy at the time of application for, and
Under casualty insurance policies, where the named insured is a nominee for undisclosed beneficial owners, current case law indicates the importance of
The need for discovering the beneficial ownership of business FIs include commercial banks, investment banks, insurance companies,