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A life insurance beneficiary is the individual or entity designated to receive the policy’s death benefits upon the policyholder’s passing. ... there are two main types: primary and contingent
Choosing a contingent beneficiary is an important part of ensuring that your life insurance benefits go where you intend, even if your primary beneficiary is unable to accept the payout. You can ...
Continue reading → The post Primary vs. Contingent Beneficiary appeared first on SmartAsset Blog. This means naming primary and contingent beneficiaries on important accounts such as your life ...
A contingent beneficiary is ... the condition is generally the death of the insurance contract holder; the party who benefits is referred to as the primary ...
For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use. Most beneficiaries may be designed to designate where the assets will go when the owner(s) dies.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
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