What is the Definition of Contingent Beneficiary?

What is the Definition of Contingent Beneficiary?

The party designated to receive the proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured. Also known as secondary beneficiary and successor beneficiary. (See Primary beneficiary)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Contingent Beneficiary?

What is the Definition of Contingent Beneficiary?

Check out other definition of insurance terms below:


What is the Meaning of CATASTROPHE DEDUCTIBLE In Insurance Terms?

A percentage or dollar amount that a homeowner must pay before the insurance policy kicks in when a major natural disaster occurs. These large deductibles limit an insurer’s potential losses in such cases, allowing it to insure more property. A property insurer may not be able to buy reinsurance to protect its own bottom line unless it keeps its potential maximum losses under a certain level.


What is the Meaning of CATASTROPHE FACTOR In Insurance Terms?

Probability of catastrophic loss, based on the total number of catastrophes in a state over a 40-year period.


What is the Meaning of CATASTROPHE MODEL In Insurance Terms?

Using computers, a method to mesh longterm disaster information with current demographic, building and other data to determine the potential cost of natural disasters and other catastrophic losses for a given geographic area.


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