WebApr 8, 2024 · Contingent beneficiary definition Suppose your primary life insurance beneficiary dies before you. In that case, the funds you leave behind when you pass away are given to your estate–unless you name a contingent beneficiary on the policy. A contingent beneficiary takes over from the primary beneficiary and receives your death … WebMay 23, 2016 · Contingent liability insurance is insurance protection against potential perils or obligations that may or may not come to be, depending on how a particular …

What Does Contingent Mean In Life insurance?

WebA contingent beneficiary, also referred to as a secondary beneficiary, is simply the person named in your policy that will receive your life insurance death benefit should your primary beneficiary pass away before, or at the same time as you. You can also name a tertiary beneficiary, who would receive your life insurance payout if both your ... WebJan 30, 2024 · You can choose just about anyone to inherit your assets in a living trust, life insurance policy, or retirement account as either a primary or contingent … cummiskey family

Secondary Life Insurance Beneficiary AIG Direct Blog

WebSPONSORED BY. A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: One person. Two or more people. The … WebMar 23, 2024 · Contingent liability is liability that a company or corporation is responsible for due to being contractually bonded to the party at fault. In other words, contingent … Web(a) Except as provided in subsection (b) of this section, no insurance company shall enter into any contract of remuneration with any life or accident and health insurance producer where the initial or any renewal commission is contingent upon (1) such contract being in effect more than two years, or (2) any continuing premium or other volume requirement … easy all in one sponge