Contingent Beneficiary

1. A beneficiary specified by an insurance contract holder who will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.

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. . 2012.

Look at other dictionaries:

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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

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  • 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

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