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?
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.
Thank you for visiting our website and read this FAQ article about "What is the Definition of Contingent Beneficiary?". We hope you get what you searching for.
definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the word you are looking for in the search field above.