Beneficiary (noun)

A person or organization that receives a benefit, such as an inheritance or insurance payout.

Origin:

From the latin word "beneficiarius" meaning "one who receives a benefit".

Examples:

1. The beneficiary of the will was the deceased's only child.
2. The charity was named as the primary beneficiary of the trust.
3. The life insurance policy listed his wife as the sole beneficiary.
4. The beneficiary of the scholarship was a deserving student from a low-income family.
5. The organization was established to serve as a beneficiary for the community.