BENEFICIARY Definition

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BENEFICIARY is a person who benefits from the terms of a trust, pension or provident fund, or other deferred income plan, or an insurance policy. In banking, it is the person in whose favor a letter of credit is issued or a draft is drawn.

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INVISIBLE INCOME is foreign income from sources other than the movement of goods; can include earnings from tourism, banking, shipping, insurance and investment.

ASRs is Accounting Series Releases.

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