2. A beneficiary who is only entitled to insurance proceeds if predetermined conditions have been met at the time of the insured's death (as can be found in a will).
Contingent and primary beneficiaries can be changed if the policy is a revocable one, such as with many individual policies. In the business world, most policies are irrevocable, as they are only meant to insure the person(s) originally specified as beneficiaries.
Virtually any conditions may be in place for a contingent beneficiary of a will as this depends entirely on the person drafting the will.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
contingent beneficiary — see beneficiary a, b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. contingent beneficiary n. Someone who w … Law dictionary
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Contingent beneficiary — A contingent beneficiary on a will or insurance contract is a person who receives the benefits only if predetermined conditions have been met. Until that time, the property interest is regarded as a contingent interest. In the context of an… … Wikipedia
contingent beneficiary — beneficiary whose right to receive benefits will only start if a particular event takes place in the future … English contemporary dictionary
contingent beneficiary — noun : a secondary beneficiary under a life insurance policy whose rights mature if the primary beneficiary predeceases the insured or dies before payment of proceeds is completed * * * Insurance. a person who becomes the beneficiary if the… … Useful english dictionary
contingent beneficiary — Person who may or will benefit if primary beneficiary dies or otherwise loses rights as beneficiary; e.g. person who will receive life insurance if primary beneficiary dies before insured … Black's law dictionary
contingent beneficiary — Insurance. a person who becomes the beneficiary if the primary beneficiary dies or is otherwise disqualified. * * * … Universalium
beneficiary — ben·e·fi·cia·ry /ˌbe nə fi shē ˌer ē, fi shə rē/ n pl ries: a person or entity (as a charity or estate) that receives a benefit from something: as a: the person or entity named or otherwise entitled to receive the principal or income or both from … Law dictionary
contingent — con·tin·gent /kən tin jənt/ adj 1: likely but not certain to happen compare executory 2: intended for use in circumstances not completely foreseen a contingent fund 3: dependent on or conditioned by something else … Law dictionary
beneficiary — /ben euh fish ee er ee, fish euh ree/, n., pl. beneficiaries. 1. a person or group that receives benefits, profits, or advantages. 2. a person designated as the recipient of funds or other property under a will, trust, insurance policy, etc. 3.… … Universalium