Question $31(1$ point$)$

Blue Jay purchases a life insurance policy with a death benefit of $$500,000.$ The policy pays a death benefit in the event of his wife, Cardinal's death. Although Blue Jay can change the beneficiary in the future if he wishes to do so$,$ the current beneficiary designation stipulates that when Cardinal dies, the death benefit would be split equally between their son Chickadee and their daughter Finch, who would receive $$250,000$ each. In this arrangement, which term best describes Finch?

$$ Contingent beneficiary

$$ Revocable beneficiary

$$ Irrevocable beneficiary

$$ Successor beneficiary