Comprehensive and Detailed Step by Step Explanation:
Thebeneficiaryis the individual or entity named in the life insurance policy to receive the death benefit upon the insured’s death.
Designated recipient of proceeds (B):The policyholder nominates this party in the policy documents.
Ownership interest in the policy (A):Refers to the policyowner, who controls and funds the policy but may not be the beneficiary.
Insurer (C):Issues and administers the policy but is not a recipient.
Owner of the cash value fund (D):This pertains to cash value accumulation, separate from death benefit designation.
[References: Maryland Life Insurance Policy Provisions and Beneficiary Designation Rules., ]
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