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.
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   2. Bestowed as a gratuity; as, beneficiary gifts.
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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.
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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]