Understanding the contingent beneficiary meaning is important, as there are several scenarios where this might happen. So, if you’re still wondering what a contingent beneficiary is and when they would step in, here are some examples of situations where a contingent beneficiary would take over: ...
A contingent beneficiary is a secondary recipient of the life insurance death benefit, coming into play if the primary beneficiary is unable or unwilling to receive the proceeds. This designation acts as a safeguard, ensuring that the death benefit does not go unclaimed or end up in the wrong ...
In the old days, it used to be they actually had to marshal the assets, meaning, you know, they had all kinds of stuff they had to do. The executors and trustees don’t have as much physically to do anymore except for one thing that I’ll bring up in a second....
Welcome to the world of life insurance! If you’re researching life insurance policies, you might have come across the term “contingent.” Don’t worry if you’re unsure about its meaning – we’re here to help. In this article, we’ll delve into the concept of contingency in the cont...
What is the meaning of an e-mandate in "mutual funds"? Define the following term: Tangible and intangible assets. Define what is meant by interest rate risk. What is the difference between a specific beneficiary and a class beneficiary?
(a) What is a pension fund? (b) What is the difference between a defined contribution pension plan and a defined benefit plan? Superannuation It is the event of the retirement of an employee or any organization due to the age factor. The ...
3. You want to ensure that should you die before your initial principal has been distributed, an amount equal to the balance of the deposit continues to a named beneficiary ("Refund" annuity).What about funding my annuity? Can you explain the difference between qualified and non-qualified ...
Once income withdrawals begin the same beneficiary options which are available in an immediate annuity are often available with the longevity annuity.A longevity annuity quote is very similar to an immediate annuity quote. The quote outlines the deferral period, the income option you've chosen, and...
The primary beneficiary is the first choice of beneficiary made by a financial account owner. While other beneficiaries also may be listed in account or estate documents, this person or organization will receive all of the assets in an account. Contingent A contingent beneficiary is a secondary be...
“participation rate,”“exclusion ratio,”“market-value adjustment”—to understand all the different types of annuities. This complexity can lead to people buying annuities without fully understanding the terms. They may end up purchasing—or being sold—a product that is not the right fit for...