Which of the following is NOT a type of beneficiary in life insurance?

In life insurance, beneficiaries are classified into various types based on their rights and the terms of the insurance policy. The correct answer indicates that "Contingent risk beneficiary" is not a recognized category of beneficiaries.

A primary beneficiary is the first individual or entity entitled to receive the death benefit when the insured passes away. A revocable beneficiary means that the policyholder has the right to change the beneficiary designation at any time without the beneficiary's consent, offering flexibility in managing the policy. An irrevocable beneficiary cannot be changed without the consent of that beneficiary, providing a level of security to them as they have guaranteed rights to the policy proceeds.

By contrast, "contingent risk beneficiary" is not an official term used in life insurance policies. Instead, the correct term is "contingent beneficiary," which refers to someone who will receive the benefits if the primary beneficiary is unable to do so (for instance, if they predecease the insured). This distinction underscores the importance of understanding the defined roles of beneficiaries in a life insurance context.