1. 1305 POINTS
    Neil Steinman
    Owner, Orange County Health & Life Insurance,
    Generally "contingent" in Life Insurance would refer to the beneficiary. You always name a beneficiary, who would receive the proceeds of the policy. In addition, you can also (optionally) name a contingent beneficiary. A contingent beneficiary is a secondary beneficiary that would receive the proceeds from the policy if the main or primary beneficiary does not survive the insured.
    Answered on June 7, 2013
  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Contingent means conditional. In life insurance, you can choose a contingent beneficiary or owner for your policy on the condition that the primary beneficiary or owner dies. If no contingent beneficiary is named and the primary beneficiary or beneficiaries die, the insured's estate usually becomes the policy's automatic contingent beneficiary.
    Answered on June 8, 2013
  3. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    Think of a contingent (beneficiary or owner) as a backup to your primary policy beneficiary or owner. At the time of application, you general assign the beneficiary or beneficiaries as the primary persons that would suffer economic loss at your demise. But what would happen if the beneficiaries also perished with the insured, then the contingency or back up beneficiaries would be next in line for the death benefit proceeds. 
    Answered on June 8, 2013
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