What is the role of a beneficiary in a life insurance policy?

The role of a beneficiary in a life insurance policy is to receive the death benefit when the insured passes away. This is a fundamental aspect of life insurance, as the primary purpose of the policy is to provide financial support to the beneficiaries specified by the insured individual in the event of their death. The beneficiary is designated by the policyholder and can be a person, organization, or entity that will benefit from the payout, thus ensuring that the insured's final wishes regarding the distribution of benefits are honored.

The other options focus on responsibilities that do not align with the function of a beneficiary. The payment of premiums is usually the responsibility of the policy owner or insured, not the beneficiary. Managing the policy is also not a duty of the beneficiary; it is typically the responsibility of the policy owner. Finally, approving medical examinations is part of the underwriting process that is handled by the insurance company, not the beneficiary. Thus, the beneficiary's role is specifically tied to the receipt of the death benefit upon the insured's passing.