Definition: Contingent Beneficiary. A contingent beneficiary is a beneficiary designated to receive a gift, but only in the event that one or more other. Contingent beneficiary definition: a person who becomes the beneficiary if the primary beneficiary dies or is otherwise disqualified. CONTINGENT BENEFICIARY definition: a person who becomes the beneficiary if the primary beneficiary dies or is otherwise | Meaning, pronunciation. Contingent Beneficiary Definition 1) An alternate beneficiary named in a will, trust, or other document. 2) Any person entitled to property under a will if. The contingent is the "backup" in case the primary beneficiary is unable or unwilling to accept the asset. You can name multiple beneficiaries for several types.
If you are the owner of a WRS account from which a WRS death benefit or life insurance benefit would be payable upon your death, you may file a beneficiary. Contingent beneficiary gets proceeds from the policy in the event of a demise of the primary beneficiary at the same time as that of the insured. A contingent beneficiary is a person alternatively named to receive the benefits in a will or trust. The meaning of BENEFICIARY is a person or thing that receives help or an advantage from something: one that benefits from something. How to use beneficiary. If the primary beneficiary of a life insurance policy dies before the insured the contingent beneficiary is entitled to receive the policy proceeds on the. Jump To Section A contingent beneficiary is an individual designated by an asset owner or financial account holder to receive the benefit of an asset if the. The contingent beneficiary is the person or persons selected to receive the benefit if the primary beneficiary is not alive at the time of your death. Please do. A beneficiary of a testamentary trust to whom the trustee has distributed property received from a personal representative is a distributee of the personal. To appoint a contingent beneficiary, the member should complete the. Contingent Beneficiary section of the Beneficiary Nomination form. The definition of a. A contingent beneficiary is a person or entity that receives the death benefit of a life insurance policy if the primary beneficiary cannot receive the. Define Contingent Beneficiary. is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.
Contingent beneficiary definition: a person who becomes the beneficiary if the primary beneficiary dies or is otherwise disqualified. A contingent beneficiary is designated to receive an inheritance if the primary beneficiary dies before the estate is settled. There are two types of beneficiaries: primary and contingent. A primary beneficiary is the person (or persons) first in line to receive the death benefit from. A contingent beneficiary would only become a current beneficiary if the current beneficiary dies; hence the term "contingent" beneficiary. Can a trust. a person, organization, etc. who will receive the money from an insurance policy or a will if the first person named in the document cannot or does not want. Definition of Contingent Beneficiary: A person(s) who is entitled to receive the benefits of an insurance policy in the event the primary beneficiary is no. A contingent beneficiary is the alternative beneficiary, designated by the account holder, who is set to receive the proceeds or benefits of a financial. CONTINGENT BENEFICIARY meaning: a person, organization, etc. who will receive the money from an insurance policy or a will if the. Learn more. They receive the account benefits only if the primary beneficiary is no longer living or cannot be located. You can name more than one contingent beneficiary.
If the primary beneficiary dies before you, a secondary or contingent beneficiary is the next in line. definitions and information contained in your. A contingent beneficiary is a backup beneficiary that will benefit from your policy if the primary beneficiary can't receive the payout. PRO. A contingent beneficiary stands second-in-line to inherit assets such as a life insurance policy, a retirement plan or an annuity. Typically, the owners of. A contingent or secondary beneficiary is the person who collects the account or insurance payout if none of your primary beneficiaries are around to accept the. Contingent Beneficiary is an appointed through an insurance contract beneficiary that will receive insurance benefits if Primary Beneficiary dies.
An irrevocable beneficiary is a person or entity who is designated to receive the assets in your life insurance policy and cannot easily be changed or removed. Jump To Section A contingent beneficiary is an individual designated by an asset owner or financial account holder to receive the benefit of an asset if the.