👉 The term "beneficiary" is a legal term that refers to an individual or organization who receives benefits, advantages, or privileges. In the context of financial transactions and services provided by organizations, beneficiaries may include individuals, companies, governments, institutions, and other entities. Beneficiaries are typically involved in receiving payments from the organization or service provider, which can be monetary, non-monetary, or both.
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What is the definition of Beneficiaryship? 🙋
👉 In the context of financial transactions and business practices, a beneficiaryship refers to a situation where one party is responsible for the financial obligations of another party. It typically involves a third party who has been appointed as an agent or representative to represent the interests of the principal party.
The process of beneficiaryship can occur in various scenarios including:
1.
Assigning Authority
: A company may assign its rights and responsibilities to a third party, which is known as an assignment of authority.
2.
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