alternate beneficiary

alternate beneficiary definition - business

alternate beneficiary

A person or organization to whom property passes through a will or trust when the primary beneficiary is unable or declines to accept the property. For example, an alternate beneficiary of an insurance policy receives proceeds of the policy when the primary beneficiary is deceased.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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