Definition of a Contingent Beneficiary A contingent beneficiary is an individual or entity named in a life insurance policy to receive the death benefit if the primary beneficiary is unable to fulfill their role or predeceases the policyholder. Think of a contingent beneficiary as a backup recipient...
At no time did ULR advise Pombo that it had received Contingent Commissions, Communication Fees and other improper compensation from MetLife in connection with her insurance purchases. In particular, Marsh provided its conspiring Insurers with the identity of the other conspiring Insurers; details of ...
Financial n. a person or entity named to receive a gift under the terms of a will, trust or insurance policy, who will only receive that gift if a certain event occurs or a certain set of circumstances happen. Examples: surviving another beneficiary, still being married to the same spouse...
You have the right to change your designation of contingent beneficiaries, except in the case of an irrevocable trust or a life insurance policy whose terms and conditions were established in a court ruling. A contingent beneficiary may also be someone who is entitled to inherit assets if he or...
RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook CLP (redirected fromContingent Liability Program) AcronymDefinition CLPClinical Lab Products CLPChilean Peso CLPConstraint Logic Programming CLPCertified Linux Professional ...
Definition of Contingent Liability Contingent liabilities are the kind of obligations that may occur in the future as a result of events that are not in the control of the business and these liabilities are reported in the financial statements of the company only if there is certainty about the...
primary beneficiary, while Mike remained the contingent beneficiary. In this way, John ensured that Jane wouldn’t receive any benefits from his life insurance in the event of his death. In this example, it can be seen how John updated the beneficiary names after a significant life event (...
Workers responsible for calculating and paying their own income tax and liability insurance Hourly or day rate tends to be higher in lieu of benefits and regular hours Controls when and where they work Employees: Predictable schedule and working hours Paid a set wage or salary...
For example, Uni lists their children’s stepparent, Alex, as the primary beneficiary and Uni’s favorite charity as the contingent beneficiary for their life insurance proceeds. Even if Alex dies before Uni, Uni’s children cannot fight over their life insurance benefits because Uni listed the ...
Contingent convertibles expand on the concept of convertible bonds by modifying the conversion terms. As with the convertible bond, investors receive periodic, fixed-interest payments during the life of the bond. But CoCos automatically create a loss for investors if the issuer's capital drops under...