Retirement PlanningHome Equity Vesting Required Minimum Distribution Employer-sponsored Retirement Plan Rollover Cost of Living Allowance (COLA)
Contingent Beneficiary Definition
A contingent beneficiary is someone who is next in line to receive assets such as a life insurance policy, retirement plan, or annuity. While spouses are typically designated as primary beneficiaries, in the event of their simultaneous death, children or trusts acting on behalf of minor children may become contingent beneficiaries. Unlike assets passing through a will, contingent beneficiaries receive their share directly and without going through probate court. However, it is important for account holders to regularly review and update their beneficiary arrangements to ensure their wishes are accurately reflected.
Related terms
Understand the meaning and definition of Home Equity in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Vesting in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Required Minimum Distribution in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Employer-sponsored Retirement Plan in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Rollover in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Cost of Living Allowance (COLA) in the context of stock market, trading, and investments.
MORE
Explore other categories
10 Cr+DOWNLOADS
Enjoy Zero Brokerage On Stock Investments
Get the link to download the App
