The second person named to receive benefits upon the death of an insured if the first-named beneficiary is not alive or does not collect all the benefits before his or her own death. See also Contingent Beneficiary.
This entry was posted in . Bookmark the permalink.
The right of an Insurance Company to step into the shoes of the party who they compensate, and sue any party who the compensated party could have sued as a means of recouping the loss.