Final answer:
A beneficiary is the individual entitled to receive benefits in the event of someone's death, like in an insurance policy.
Explanation:
Beneficiary is the person designated to receive benefits in the case of another person's death, such as in a life insurance policy or will.
For example, in the scenario given, Amy's designated beneficiary would receive her benefits if she were to pass away.
It is crucial to have a clear beneficiary designation to ensure proper distribution of assets.
Learn more about Beneficiaries and inheritance here:
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