The Collaborative International Dictionary of English v.0.48:

Beneficiary \Ben`e*fi"ci*a*ry\, a. [Cf. F. b['e]n['e]ficiaire,
   LL. beneficiarius.]
   1. Holding some office or valuable possession, in
      subordination to another; holding under a feudal or other
      superior; having a dependent and secondary possession.
      [1913 Webster]

            A feudatory or beneficiary king of England. --Bacon.
      [1913 Webster]

   2. Bestowed as a gratuity; as, beneficiary gifts.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Beneficiary \Ben`e*fi"ci*a*ry\, n.; pl. Beneficiaries.
   1. A feudatory or vassal; hence, one who holds a benefice and
      uses its proceeds. --Ayliffe.
      [1913 Webster]

   2. One who receives anything as a gift; one who receives a
      benefit or advantage; esp. one who receives help or income
      from an educational fund or a trust estate.
      [1913 Webster]

            The rich men will be offering sacrifice to their
            Deity whose beneficiaries they are.   --Jer. Taylor.
      [1913 Webster]

WordNet (r) 3.0 (2006):

beneficiary
    adj 1: having or arising from a benefice; "a beneficiary baron"
    n 1: the recipient of funds or other benefits [syn:
         beneficiary, donee]
    2: the semantic role of the intended recipient who benefits from
       the happening denoted by the verb in the clause [syn:
       benefactive role, beneficiary]

Moby Thesaurus II by Grady Ward, 1.0:

42 Moby Thesaurus words for "beneficiary":
   allottee, almsman, almswoman, annuitant, assign, assignee,
   benefice-holder, cestui, cestui que trust, cestui que use,
   deedholder, devisee, donee, feoffee, feudatory, grantee,
   householder, incumbent, laird, landlady, landlord, legatary,
   legatee, lord, master, mesne, mesne lord, mistress, owner,
   patentee, pensionary, pensioner, proprietary, proprietor,
   proprietress, proprietrix, rentier, resident, residentiary, squire,
   stipendiary, titleholder