What does Contingent Beneficiary mean? Read on to discover the definition & meaning of the term Contingent Beneficiary - to help you better understand the language used in insurance policies.
A contingent beneficiary refers to the party who is entitled to receive the proceeds or benefits of a life insurance policy should the primary beneficiary die before the insured. To be legally entitled to these rights, the contingent beneficiary must be named by the insured in the insurance contract.
We hope the you have a better understanding of the meaning of Contingent Beneficiary.