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Report No. 82

5.11. Contingent beneficiary.-

At the same time, the new policy provision created a new contingency that might be provided against-the possibility that the first-named beneficiary might die before the insured and the death benefit become payable to the estate of the insured. Now it became possible for the insured to name a contingent beneficiary, who would have the right to receive the death benefit if the primary beneficiary did not survive the insured. And since the contingent beneficiary might also pre-decease the insured, most companies today permit the insured to name a second contingent beneficiary. Settlement will be made to this person if there is not surviving primary or first contingent beneficiary at the death of the insured.



Effect of Nomination under Section 39 of the Insurance Act, 1938 Back




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