The recipient of a gift is referred to as which term?

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Study for the Chartered Property Casualty Underwriter 530 Exam with flashcards and multiple choice questions. Each question has hints and explanations to enhance your understanding and prepare you thoroughly.

Multiple Choice

The recipient of a gift is referred to as which term?

Explanation:
In a gift transaction, the person who gives is the donor and the person who receives is the donee. Donee is the specific legal term used for the recipient of a gift, since the transfer is voluntary and without consideration. Beneficiary is typically used for someone who gains under a contract, will, or trust (like a life insurance policy). Recipient is a general term, but donee is the precise label for the recipient of a gift. For example, if you give a painting to a friend, the friend is the donee.

In a gift transaction, the person who gives is the donor and the person who receives is the donee. Donee is the specific legal term used for the recipient of a gift, since the transfer is voluntary and without consideration. Beneficiary is typically used for someone who gains under a contract, will, or trust (like a life insurance policy). Recipient is a general term, but donee is the precise label for the recipient of a gift. For example, if you give a painting to a friend, the friend is the donee.

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