Alternate Beneficiary

Business, Legal & Accounting Glossary

Definition: Alternate Beneficiary



Full Definition of Alternate Beneficiary


A person, organization or institution that receives property through a will, trust or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet music to his daughter, Mia, and names the local symphony as alternate beneficiary. When Jake dies, Mia decides that the symphony can make better use of the sheet music than she can, so she refuses (disclaims) the gift, and the manuscripts pass directly to the symphony. In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is called the secondary or contingent beneficiary.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/alternate-beneficiary/
Modern Language Association (MLA):
Alternate Beneficiary. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. December 03, 2020 https://payrollheaven.com/define/alternate-beneficiary/.
Chicago Manual of Style (CMS):
Alternate Beneficiary. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/alternate-beneficiary/ (accessed: December 03, 2020).
American Psychological Association (APA):
Alternate Beneficiary. PayrollHeaven.com. Retrieved December 03, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/alternate-beneficiary/

Definition Sources


Definitions for Alternate Beneficiary are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd April, 2020 | 0 Views.