contingent beneficiary

American  

noun

Insurance.

1. a person who becomes the beneficiary if the primary beneficiary dies or is otherwise disqualified.

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Example Sentences

You can choose a “contingent beneficiary” – someone who will take the property if the primary beneficiary dies first.

From Salon

The beneficiaries of the trust include a number of prominent organizations: the Smithsonian Institution, the Library of Congress, the New York Public Library for the Performing Arts, the Irish Repertory Theater and the Dramatists Guild Fund; the Museum of the City of New York is listed as a “contingent beneficiary,” but the filing does not specify what the contingency is.

From New York Times

“He’s not going to be a beneficiary of this trust; he’s not a contingent beneficiary of this trust.”

From Washington Times

If the primary beneficiary passes away at the same time as you, and there is no contingent beneficiary named, the asset will pass to your estate and be distributed per the terms of your will.

From Forbes

The next is to make sure a contingent beneficiary is on file. 

From US News