Final answer:
The contingent beneficiary of the life insurance policy that Stuart has applied for on the life of his wife Angela, naming himself as the beneficiary, would be their children. In case Stuart predeceases Angela, she would own the policy with the children still being the beneficiaries upon her passing.
Step-by-step explanation:
Given the scenario you've described with Stuart and Angela, the contingent beneficiary of the life insurance policy would be their children. A contingent beneficiary is someone who is entitled to receive the death benefit if the primary beneficiary is unable to do so, typically because of a simultaneous death or a circumstance where the primary beneficiary predeceases the insured person.
In addition, if Stuart were to predecease Angela, Angela would become the owner of the policy. However, upon Angela's passing or if they both pass away simultaneously, the children would then receive the death benefit as per Stuart's wishes.
It's important for Stuart to ensure that all of these details are clearly laid out in the policy documents to avoid any confusion or legal challenges similar to the case of Sharon Kowalski and Karen Thompson, where the lack of legal recognition and unclear beneficiary designations resulted in a lengthy legal struggle.