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Life Settlement
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DEFINITION OF SECONDARY BENEFICIARY


Also called Contingency Beneficiary. A beneficiary is a person or entity that is entitled to the proceeds paid by a life insurance carrier following the filing of a death claim on an Insured who has passed away. A secondary or contingency beneficiary is not the first person or entity that will be paid on a death claim. The policy owner elects a primary beneficiary and should the primary beneficiary be deceased or determined to be illegal, the life insurance carrier will then payout the secondary beneficiary.

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