2006-09-14 14:20:24 · 8 answers · asked by DUNNA 1 in Business & Finance ➔ Insurance
The term "contigent" as applied in a life insurance policy usually refers to the "Contingent Beneficiary".
A "Contingent" or "Secondary" Beneficiary will receive the proceeds of a life insurance policy if the "Primary" Beneficiary does not survive the Insured.
This means that if the primary beneficiary is no longer alive when the Insured passes away, the secondary or Contigent Beneficiary will receive the proceeds from the life insurance policy.
However, if a beneficiary is convicted of murdering the insured, the beneficiary (whether primary or contingent) cannot collect the proceeds of the life insurance policy.
The insured's estate would receive the death benefit.
I hope that helps! Take care and best of luck!
2006-09-15 03:47:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Meaning Of Contingent
2016-12-18 15:36:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Contingent Meaning
2016-09-29 04:01:55 · answer #3 · answered by sather 4 · 0⤊ 0⤋
Contingent means 'if something specific occurs'.
For example, you will get $100,000 if you are hit by a bus, but not a truck. The benefit is contingent on the bus hitting you.
2006-09-14 14:26:03 · answer #4 · answered by SPLATT 7 · 0⤊ 1⤋
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This seems to me to be too important a question to rely on answers from here. As well meaning as they may be, you would still need to discuss the with your insurance agent and a tax attorney.
2016-04-07 04:24:24 · answer #5 · answered by Anonymous · 0⤊ 0⤋
In colloquial English, a contingency is something that can happen, but that generally is not anticipated.
2006-09-14 14:29:35 · answer #6 · answered by World Citizen 3 · 0⤊ 1⤋
It's a restriction that has to be met in order for the policy to payout.
2006-09-14 14:28:34 · answer #7 · answered by Chris J 6 · 0⤊ 1⤋
If you are asking about a beneficiary, it would be the person who would receive the death benefit if the primary beneficiary is deceased.
2006-09-14 18:12:59 · answer #8 · answered by Kelly T 4 · 1⤊ 0⤋
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2015-08-04 12:45:34 · answer #9 · answered by Anonymous · 0⤊ 0⤋
That's not wrong
2016-07-27 12:39:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋