Business, Legal & Accounting Glossary
The third beneficiary in line to receive life insurance proceeds.
A tertiary beneficiary in life insurance is the person specifically specified to receive the amount of proceeds payable in a life insurance policy upon the policyholder’s death when both the primary and secondary beneficiaries are also deceased at the time of the insured’s death.
Being a tertiary beneficiary does not entitle the individual to a third of the revenues. When the owner or policyholder dies, it merely places a person in line to receive the proceeds or assets if the primary and secondary beneficiaries are no longer alive. The tertiary beneficiary’s entitlement is not activated if the primary or secondary beneficiaries are still alive.
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This glossary post was last updated: 18th January, 2022 | 0 Views.