If a person insured dies, the person who receives the benefits of insurance is called the beneficiary. It is also possible to modify the name of the beneficiary on request by the policy holder. This should be done before his death. There are two types of beneficiary’s Primary beneficiary and Contingent beneficiary. Contingent beneficiary is the one who receives benefits of insurance if primary beneficiary dies before the insured person. The policy holder can change the name of beneficiary by filling application form and doing the needful.