What Is A Contingent Owner On A Life Insurance Policy? 
A contingent owner on a life insurance policy is the person who would own the policy if the primary owner died . Contingent owners are only used when the primary owner is not also the insured person . The owner is the one who stipulate the beneficiary , method of payment , and all decisions regarding the policy . So if the primary owner would pass away , the contingent owner would make those decisions . 