Glossary

A contestable clause is the portion of a life insurance policy setting forth the conditions under which an insurer may contest or void the policy.

A contingency fee is a fee arrangement between a plaintiff and their attorney in which the plaintiff agrees to pay the attorney a stated percentage (most often, although not always, one-third) of any judgment rendered or settlement negotiated by the attorney as a result the plaintiff's lawsuit.

A contingency plan documents actions to be taken to address the occurrence of an event or disaster that would likely disrupt an organization's operations.

Contingency planning is the process of developing and embedding crisis management protocols in an organization in advance of crisis conditions.

Contingency reserve is the reserve in excess of legal requirements to provide for unexpected contingencies.

The contingent annuitant is the secondary beneficiary to an annuity policy.

The contingent beneficiary is the secondary beneficiary who receives policy benefits if the primary beneficiary predeceases the named insured under a life insurance policy.

Contingent commissions are paid by an insurer or reinsurer to an insurance intermediary and are based on the profitability of the business that the intermediary placed with the insurer or reinsurer.

The term contingent insurance refers to a policy that is contingent on the absence of other insurance.

Contingent liability is coverage for losses to a third party for which the insured is vicariously liable.