Sentences with phrase «known as the primary beneficiaries»
The first line of beneficiaries is known as the primary beneficiaries.
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When naming beneficiaries in order as such, the first beneficiary is known as the primary beneficiary, and the beneficiary (or beneficiaries) that is next in line is known as the secondary beneficiary.
Not exact matches
However, contingent beneficiaries also need to know who all of your primary beneficiaries are, as they will need to prove that all primary beneficiaries are unable to make a claim.
Prior to the Fukushima disaster that followed the 2011 tsunami, Japan shuttered its nuclear generation fleet, leading in part to the 2012 introduction of the feed - in tariff policy for solar, the primary beneficiary of which to date has been the utility - scale solar (known as «megasolar» in Japan) sector.
It's important to know whether your spouse has life insurance and whether these would consider adding you as a primary beneficiary.
If things don't go as planned, though, and the primary beneficiary (ies) predeceases the insured, or dies at the same time as the insured, for example in the case where a husband and wife are killed together in an accident, then the contingent beneficiary (ies), also known as secondary beneficiary, receives the funds.
The secondary beneficiary (also known as the contingent beneficiary), would be the next in line to receive the proceeds of your policy should the primary beneficiary be unable to do so.
Life insurance exists to cover expenses and debts for your beneficiaries if you as the primary breadwinner are no longer around.
In case no primary beneficiary is alive at the time of the insured's death, it is wise that the owner name another line of beneficiaries, known as secondary beneficiaries.
Otherwise known as «pure» life insurance, it should really be called «death» insurance, since the primary benefit is to provide for your beneficiary when you die.
However, contingent beneficiaries also need to know who all of your primary beneficiaries are, as they will need to prove that all primary beneficiaries are unable to make a claim.