Fee for an attorney’s services only if the plaintiff’s (patient’s) lawsuit is successful or is favorably settled out of court. The fee is calculated as a percentage of the client’s net recovery (e.g., 25% of the recovery if the case is settled and 35% if the case is won at trial). If no settlement, the attorney is not paid. Also called contingent fee, contingency, or conditional fee.

Amount included in the actuarial rates to provide for changes in the contingency level in the trust fund. Positive margins increase the contingency level and negative margins decrease it.

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).

Individual who receives life insurance proceeds that are still payable under a settlement option at the time of the primary payee’s death. Also called successor payee.

Payment to be made only if a specific predesignated condition is met.

Insurance policy provision that allows an insured to continue insurance coverage when specific conditions are fulfilled (e.g., continued full-time employment beyond age 65).

Record or schedule that shows morbidity statistics indicating the distribution of insurance claims categorized by duration of illness or amount of expense of the claims.

Insurance coverage that remains even though an employee has a termination of employment or becomes divorced. Continuation of coverage is required by and specified in the Consolidated Omnibus Reconciliation Act of 1985 (COBRA) legislation.

Managed care plan option that allows an enrollee to continue in the Medicare+Choice plan when he or she leaves the plan’s service area to reside elsewhere, possibly permanently.