meaning of alternate beneficiary

alternate beneficiary meaning in Law Dictionary

party as a back up to a beneficiary. They are going to get any inheritance. Insurance makes use of it too. It's more widespread in real estate or personal property.

alternate beneficiary meaning in Business Dictionary

someone who is termed in a will whenever the person who could be the known as beneficiary refuses or disclaims the inheritance. Also used in an insurance plan as a secondary or contingent beneficiary who will get the insurance coverage proceeds in the event that primary beneficiary features died. More common in the area of real or private home.