Which statement accurately describes a beneficiary in an insurance policy?

In an insurance policy, the beneficiary is specifically the person or entity designated to receive the policy proceeds upon the occurrence of an insured event, such as the death of the insured in a life insurance policy. This designation allows policyholders to determine who will receive the benefits from the policy, which can be an individual, a group, or even a charity. Understanding the role of the beneficiary is crucial in estate planning and insurance, as it affects how assets are distributed and potentially offers tax advantages.

The other options present roles related to insurance policies but do not accurately reflect the definition of a beneficiary. The insured individual refers to the person covered by the policy but does not receive the proceeds directly (unless they are also named as the beneficiary). The insurance company is the entity providing the coverage and paying out the benefits, while the agent is responsible for selling the policy but does not participate in the proceeds distribution. Thus, option B clearly defines the role of the beneficiary in the context of insurance policies.