Contingent beneficiary

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contingent contract: a contingent contract is one in which a promise is conditional and the contract shall be performed only on the happening of some future uncertain events

In the context of an insurance policy, the condition is generally the death of the insurance contract holder, who is regarded as the primary beneficiary.[1]

References

  1. ^ Morris, Virginia; Morris, Kenneth. Standard & Poor's dictionary of financial terms. Lightbulb Press, Inc., 2007, p. 41.