Terms Used In Illinois Compiled Statutes > 55 ILCS 5 > Article 4 > Division 4-13 - Penalty For Violations

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.