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A contingent beneficiary is someone who benefits from a ... In the context of an insurance policy, the condition is generally the death of the insurance contract ...
The death proceeds from life insurance policies can have multiple uses, such as paying funeral costs, paying off debt, completing mortgage payments and more. This is where contingent beneficiaries ...
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions ...
Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. [1] The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. [2]: 10 In some cases ...
Key takeaways. If your life insurance beneficiary dies before you, the payout may go to a contingent beneficiary or your estate, depending on how you set up the policy.
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.
In financial economics, contingent claim analysis is widely used as a framework both for developing pricing models, and for extending the theory. [6] Thus, from its origins in option pricing and the valuation of corporate liabilities, [ 7 ] it has become a major approach to intertemporal equilibrium under uncertainty .
You will keep the insurance you have purchased for the length of its policy. However, there is a benefit to having an AOL plan so that you can continue to take advantage of the exclusive special group rates on auto insurance. If you change or cancel your AOL plan, your insurance rates may increase.