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Definition of Contingent Owner
This is the person designated to become the new owner of a life insurance policy if the original owner dies before the life insured.
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
Under ERISA, the firm is liable to the plan participants for up to 39% of the net
A company contributes to a trust fund that buys stock on behalf of
The value of the ownersâ€™ interests in a company.
Refers to the capital invested in a business by its shareowners
compensation that is dependent on the
a profit-sharing compensation program in which investments are made in
The total of all capital contributions and retained earnings on a businessâ€™s
A fund containing company stock and owned by employees, paid for by ongoing contributions by the employer.
An obligation that is dependent on the occurrence or nonoccurrence of
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 owns the insurance policy. It is usually the same person as the insured but it could be someone else who has the permission of the insured to be the owner, like a spouse, a common-law-spouse, an offspring, a parent, a corporation with insurable interest or a business partner with insurable interest. In order for someone else to be an owner of your policy, they have to have a legitimate insurable interest in you.
The person who owns and holds all rights under the policy, including the power to name and change beneficiaries, make a policy loan, assign the policy to a financial institution as collateral for a loan, withdraw funds or surrender the policy.
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