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Contingent beneficiary

MEDICAL,USA: Person or persons named in a life insurance policy to receive the proceeds in the event the original or primary beneficiary should die before the person whose life is insured. Also called alternate beneficiary, secondary beneficiary, or successor beneficiary.
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Person or persons named to receive proceeds in case the original beneficiary is not alive. An individual who is entitled to benefits only after the death of a primary beneficiary.
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This is the second person to receive benefits if the primary beneficiary is not alive or does not collect all available benefits from a life insurance policy or annuity. For example, a husband may name his wife as primary beneficiary on his life insurance policy and, if his wife predeceases him, his children as second or contingent beneficiaries. (See Beneficiary).

Contingent Capital

See: “Risk Transfer, ART Instruments, Contingent Surplus Notes (Contingent Capital).”
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UK: A post-loss funding method based on an agreement between a (re)insurer and a bank (or other investor), whereby the latter will provide a loan or equity capital after the trigger event, e.g. windstorm, has occurred. The bank/investor charges a commitment fee for their pre-agreed standby capital. Contingent capital is less costly than conventional (re)insurance in fee terms if the trigger event never occurs. See CATASTROPHE EQUITY PUTS; CONTINGENT SURPLUS NOTE.

Contingent commission

an amount payable to a broker or ceding company, in addition to the normal percentage commission, calculated as a percentage of the insurer’s or reinsurer’s net profit on the business after allowing for overheads; also known as profit commission.