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SteveGrate: 3 months ago

What's the difference between contingent and successor beneficiaries ?

insurance policy

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Answer 1

Janemoo: 3 months ago

A successor beneficiary is the first person who is indicated as the main beneficiary of a person's assets when filling in a designation form. A contingent beneficiary is the person who is authorized to gain control of the assets if the successor beneficiary is not available.

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