Definitions for "Primary beneficiary"
The first beneficiary named to receive the proceeds of the life insurance policy. The primary beneficiary must be alive at the death of the insured in order to collect. In the event that the primary beneficiary dies prior to the insured, the proceeds are paid to the secondary beneficiary.
The individual(s) or entity to whom the death benefit of a life insurance policy is paid upon the death of the insured. See Contingent Beneficiary.
A person, estate or trust that receives all benefits payable from KPERS when a member dies.