Definitions for "Contingent payee"
The recipient designated in the policy as the receiver of the guaranteed payment in the event of the policyholder's death. Also called the beneficiary.
The person or party who will receive any proceeds of a life insurance policy still payable under a settlement option at the time of the primary payee's death. Also known as successor payee.
The person(s), estate, or financial instrument (for example, a trust fund), named in the policy as the recipient of the guaranteed payment in the event of the policyholder's death. Also known as beneficiary.