The person stated as the beneficiary in the life insurance policy would receive the value stated in the policy, subject to any exclusions in the life insurance contract.
In some policies the amount remains constant, in some life insurance policies it changes with time. For instance, a decreasing term life insurance policy has an amount of life insurance that declines each year.
Also, cash value life insurance plans may have cash value inside the policy in addition to the amount of life insurance coverage provided by the plan. If a loan had been taken from the cash value, the amount of life insurance provided may be less based on the loan amount and the interest due on the loan from the whole life insurance policy.
But, if the policy was a term life insurance plan, the beneficiary would receive the amount of the life insurance face value from the policy if the life insurance was "In Force" and paid up when the insured person died.