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A donee beneficiary is when a contract is made expressly for giving a gift to a third party, the third party is known as the donee beneficiary. The most common donee beneficiary contract is a life insurance policy. In the United States, the Restatement (Second) of Contracts, Chapter 6, Sections 133-147, covers third-party beneficiaries. [5]
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
Third-party source, a supplier company not owned by the buyer or seller; Third-party beneficiary, a person who could sue on a contract, despite not being an active party; Third-party insurance, such as a vehicle insurance
The third party becomes the new owner of the policy, pays the monthly premiums, and receives the full benefit of the policy when the insured dies. [ 4 ] In many jurisdictions, a viatical is a life settlement where the insured has less than two-year life expectancy.
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"Pay it forward" is implemented in contract law of loans in the concept of third party beneficiaries. Specifically, the creditor offers the debtor the option of paying the debt forward by lending it to a third person instead of paying it back to the original creditor.
In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
The beneficiary is the person or company who will be paid under the letter of credit; this will normally be the seller (UCP600 Article 2 defines the beneficiary as "the party in whose favour a credit is issued"). The issuing bank is the bank that issues the credit, usually following a request from an applicant.