Final answer:
Mark's wife and children would be considered primary beneficiaries on his life policy, as they are the first to receive the proceeds upon his passing.
Step-by-step explanation:
When Mark names his wife and children as beneficiaries on his life policy, they are known as primary beneficiaries. A primary beneficiary is the first in line to receive the proceeds of a policy after the death of the policyholder. Conversely, secondary beneficiaries or contingent beneficiaries are those who would receive the benefits if the primary beneficiary is unable to do so. Tertiary beneficiaries are the third in line, receiving benefits only if both the primary and secondary beneficiaries are unable to do so the same.