what is a preferred beneficiary
Definition of Preferred Beneficiary Preferred BeneficiaryUsed in older contracts to confer the same rights as an irrevocable beneficiary. Applied to family members. Related Terms: BeneficiaryThis is the person who benefits from the terms of a trust, a will, an RRSP, a RRIF, a LIF, an annuity or a life insurance policy.n the case of credit insurance, the beneficiary will always be the creditor. Contingent BeneficiaryThis is the person designated to receive the death benefit of a life insurance policy if the primary beneficiary dies before the life insured.