Tertiary Beneficiary

Business, Legal & Accounting Glossary

Definition: Tertiary Beneficiary

Tertiary Beneficiary

Quick Summary of Tertiary Beneficiary

The third beneficiary in line to receive life insurance proceeds.

Full Definition of Tertiary Beneficiary

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.

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
Modern Language Association (MLA):
Tertiary Beneficiary. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
May 14, 2022 https://payrollheaven.com/define/tertiary-beneficiary/.
Chicago Manual of Style (CMS):
Tertiary Beneficiary. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/tertiary-beneficiary/ (accessed: May 14, 2022).
American Psychological Association (APA):
Tertiary Beneficiary. PayrollHeaven.com. Retrieved May 14, 2022
, from PayrollHeaven.com website: https://payrollheaven.com/define/tertiary-beneficiary/

Definition Sources

Definitions for Tertiary 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: 18th January, 2022 | 10 Views.