A contingent beneficiary in a life insurance policy has the right to

Question

Quizplus · Accepted Answer

A contingent beneficiary has the right to receive the policy proceeds if the primary beneficiary dies before the insured. This ensures that there is a backup beneficiary in case the primary beneficiary predeceases the insured. The contingent beneficiary does not have the right to share the policy proceeds with the primary beneficiary or change the beneficiary designation under specified circumstances. Additionally, the contingent beneficiary does not have the right to exercise policy rights if the insured is incapacitated.

A Contingent Beneficiary in a Life Insurance Policy Has the Right