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.
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An annuity that commences payment to the annuitant at the end of the first prescribed payment period. If an insured buys an immediate annuity with monthly payments, he will start receiving benefits at the end of the first month after the purchase.