Contingent Beneficiary

A person or organization named to benefit from a will, life insurance policy or other vehicle, but only in the case where a primary beneficiary had died or ceased to exist (in the case of a charity) before the death of the testator. Also known as a “Secondary Beneficiary” or, in Quebec, “Subrogated Beneficiary”. See also “Primary Beneficiary”

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April 17th, 2024