A named person (heir), a person(s), estate, or financial instrument (for example, a trust fund), named in the policy as the recipient of the guaranteed payments in the event of the policyholders death. Also known as contingent payee.
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A named person (heir), a person(s), estate, or financial instrument (for example, a trust fund), named in the policy as the recipient of the guaranteed payments in the event of the policyholders death. Also known as contingent payee.