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Definition of Contingent Beneficiary
This is the person designated to receive the death benefit of a life insurance policy if the primary beneficiary dies before the life insured. This is a consideration when husband and wife make each other the beneficiary of their coverage. Should they both die in the same car accident or plane crash, the death benefits would go to each others estate and creditor claims could be made against them. Particularly if minor children could be survivors, then a trustee contingent beneficiary should be named.
This is the person who benefits from the terms of a trust, a will, an RRSP, a RRIF, a LIF, an annuity or a life insurance policy. In relation to RRSP's, RRIF's, LIF's, Annuities and of course life insurance, if the beneficiary is a spouse, parent, offspring or grand-child, they are considered to be a preferred beneficiary. If the insured has named a preferred beneficiary, the death benefit is invariably protected from creditors. There have been some court challenges of this right of protection but so far they have been unsuccessful. See "Creditor Protection" below. A beneficiary under the age of 18 must be represented by an individual guardian over the age of 18 or a public official who represents minors generally. A policy owner may, in the designation of a beneficiary, appoint someone to act as trustee for a minor. Death benefits are not subject to income taxes. If you make your beneficiary your estate, the death benefit will be included in your assets for probate. Probate filing fees are currently $14 per thousand of estate value in British Columbia and $15 per thousand of estate value in Ontario.
The person designated to receive proceeds entitled by a benefit. Payment of a benefit is triggered by an event.
The person or party designated to receive proceeds entitled by a benefit. Payment of a benefit is triggered by an event. In the case of credit insurance, the beneficiary will always be the creditor.
A claim that can be made only if one or more specified outcomes occur.
The formal name for the load of a back-end load fund.
An arrangement in which the money manager pursues an active bond portfolio
An obligation that is dependent on the occurrence or nonoccurrence of
This is the person designated to become the new owner of a life insurance policy if the original owner dies before the life insured.
compensation that is dependent on the
Under ERISA, the firm is liable to the plan participants for up to 39% of the net
One who receives income from a trust.
Legal designation that cannot be contested. (See beneficiary)
Used in older contracts to confer the same rights as an irrevocable beneficiary. Applied to family members.
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