Tertiary beneficiary

{
  "id": "MLC-T-INS-003311",
  "term": "Tertiary beneficiary",
  "field": "Insurance and risk management",
  "definition": "An individual or entity designated to receive the benefits of a life insurance policy or other financial instrument if both the primary and secondary beneficiaries are deceased or cannot be located. This designation provides a further layer of succession for the policy proceeds. The tertiary beneficiary receives the payout only if all higher-priority beneficiaries are unable to do so.",
  "url": "https://mlchart.com/terminology/insurance/tertiary-beneficiary/"
}