What Is A Contingent Owner On A Life Insurance Policy?

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   Peggy Mace

   Most of the U.S.

   A contingent owner on a life insurance policy is the person who would own the policy if the primary owner died. Contingent owners are only used when the primary owner is not also the insured person.
   
   The owner is the one who stipulate the beneficiary, method of payment, and all decisions regarding the policy. So if the primary owner would pass away, the contingent owner would make those decisions.

   Answered on August 3, 2013

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