Final answer:
The last in line after the primary beneficiary is typically referred to as the contingent beneficiary.
Step-by-step explanation:
In the context of beneficiary designation, the last in line after the primary beneficiary is typically referred to as the contingent beneficiary.
A contingent beneficiary is a secondary recipient who receives the assets or benefits if the primary beneficiary is unable or unwilling to receive them. For example, in a life insurance policy, if the primary beneficiary dies before the policyholder, the contingent beneficiary would receive the benefits.
Other possible types of beneficiaries include revocable beneficiaries, who can be changed or removed at the policyholder's discretion, and irrevocable beneficiaries, who have a vested right to the benefits and cannot be changed without their consent.