Secondary Beneficiary


DEFINITION of 'Secondary Beneficiary'

A person or entity that inherits assets under a will, trust or insurance policy if the primary beneficiary dies before the grantor. A secondary beneficiary would also be considered a "contingent beneficiary".

BREAKING DOWN 'Secondary Beneficiary'

A contingent beneficiary is a beneficiary who inherits assets only if certain conditions are met. Many times, a secondary beneficiary inherits assets if the primary beneficiary dies, which is a condition to be met. However, not all contingent beneficiaries stand to inherit only if another beneficiary dies, as there may be more than one condition that must be met.

  1. Contingent Beneficiary

    1. A beneficiary specified by an insurance contract holder who ...
  2. Third Party Beneficiary

    A person who will benefit from a contract made between two other ...
  3. Beneficiary Of Trust

    A beneficiary of trust is a person for whom a trust was created, ...
  4. Beneficiary Clause

    A beneficiary clause is a provision in a life insurance policy ...
  5. Discretionary Beneficiary

    Discretionary beneficiaries are those named in a trust or similar ...
  6. Alternate Beneficiary

    In a will, an alternate beneficiary is usually named in case ...
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