Alternate Beneficiary


Alternate Beneficiary
In a will, an alternate beneficiary is usually named in case a person who is the named beneficiary refuses or disclaims the inheritance. In an insurance policy, an alternate beneficiary is usually a secondary or contingent beneficiary who receives the proceeds if the primary beneficiary has died.

Alternate beneficiaries are more common with real or personal property. For example, if a testator left a favorite painting to a niece who did not want it, the testator could name a second or third person to whom the painting would go.


Investment dictionary. . 2012.

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