what is primary beneficiary vs contingent beneficiary
DEFINITION of 'Primary Beneficiary'. A beneficiary in a will, trust or insurance policy that is first in line to receive named benefits.Primary beneficiaries are contrasted with contingent beneficiaries, who will only receive benefits if the primary beneficiary has died.There can be more than one primary beneficiary.Next Up. beneficiary in a will, trust or insurance policy that is first in line to receive named benefits. Primary beneficiaries are contrasted with contingent beneficiaries, who will only receive benefits if the primary beneficiary has died. There can be more than one primary beneficiary. Next Up.