Which of the following best describes the role of a beneficiary in a life insurance policy?

The role of a beneficiary in a life insurance policy is best described as the person or entity entitled to receive benefits upon the policyholder's death. This is a fundamental aspect of life insurance, as the primary purpose of the policy is to provide financial security and support to the beneficiary when the insured individual passes away. Beneficiaries can be a wide range of entities, including family members, friends, or even charitable organizations, and their designation is a crucial part of the policyholder's planning for their loved ones' financial future.

The other options do not accurately reflect the role of a beneficiary. The individual in charge of managing the policy typically refers to the policyowner or the insured rather than the beneficiary. A representative of the insurance company is someone who may work for the insurer but does not have any rights to the proceeds of the policy. Lastly, the individual who pays the premiums is usually the policyowner, and while they may also be the insured or beneficiary, their primary role is to ensure that the policy remains active and funded.