Beneficiary Clause

Santa's brother. "Benny" Clause, as he's more widely known, left the North Pole under a cloud of controversy in order to seek treatment for a candy cane addiction. He's currently living at a halfway house in Queens.

In a financial context, the beneficiary clause allows the owner of an asset to name someone as a beneficiary. This type of provision is a common feature of insurance policies. It also comes up in other financial settings, such as pensions, annuities or retirement accounts.