Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia, Wikipedia. Related to contingent: contingent beneficiary, Contingent Assets, Contingent liabilities. Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the designated condition. A contingent remainder is the right to possess property after the death of a person who holds a life estate in the land provided a specified condition is fulfilled.