Who is the recipient of the proceeds of a life insurance policy or one who inherits property as specified in a will?

The correct answer is beneficiary. A beneficiary is a person or entity designated to receive assets or proceeds from a life insurance policy, trust, or estate after the death of the policyholder or testator. In the context of a life insurance policy, the beneficiary is specifically named to receive the death benefit, which is the total amount the insurer pays out upon the death of the insured individual.

The term "testator" refers to someone who has made a will, outlining how their assets should be distributed after their death, but does not directly relate to who receives proceeds from a life insurance policy. An "heir" is generally someone who is legally entitled to inherit property if there is no will, which makes the term broader and more dependent on the laws of inheritance rather than direct designation. An "executor," on the other hand, is the individual appointed to manage and distribute the estate of the deceased according to the will, ensuring that assets are allocated appropriately, but they are not the beneficiaries themselves.

Understanding these specific definitions is crucial because they clarify the roles and relationships among individuals involved in estate planning and the distribution of assets, particularly when it comes to life insurance and wills.