A payroll is a company's list of its employees, but the term is commonly used to refer to: 1  the total amount of money that a company pays to its employees. 2  a company's records of its employees' salaries and wages, bonuses, and withheld taxes.  the company's department that calculates and pays these.
Report Abuse. yes a beneficiary can act as an executor, usually one is appointed by probate attorney, by family of deceased, or it may be stated in the deceased persons will. Remember, the executor must remain neutral and decisions made on behalf of the estate.es you can. This is actually recommended. The only time that an executor who is not a beneficiary should be named is if a beneficiary is under the age of 18 because someone under this age cannot inherit his/her share until they reach 18.
Definition: The beneficiary is the term in a life insurance or annuity insurance contract that identifies who will receive the benefit in the event of the insured death. A policy may have more than one beneficiary. The beneficiary can be revocable or irrevocable. The primary beneficiary is the person who first would receive the benefits of an insurance policy. If the primary beneficiary is deceased then the contingent beneficiary would receive the proceeds of the insurance policy. A contingent beneficiary is also sometimes called a secondary beneficiary. It is important to understand the role of the beneficiary in the insurance contract to ensure that regardless of circumstance the right person will receive the benefit. Beneficiary can also refer to someone who receives benefits from a health insurance policy such as payments for a health care service. How to Choose Your Beneficiary. Choosing a beneficiary on a life insurance policy can be as challenging as figuring out what kind of life insurance to buy.