contingent beneficiary

Definition

An individual who is entitled to receive the benefits of an insurance policy if the primary beneficiary dies.

Use this term in a sentence

Many people list their spouse or children as a contingent beneficiary so in the case of some future uncertain event such as a death, they receive benefits such as assets and money.

​ Was this Helpful? YES  NO 1 out of 1 people found this helpful.

Show more usage examples...

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
contingent annuity contingent capital