Beneficiaries are who will inherit your account if you were to experience premature death. The 100% primary beneficiary inherits the account outright. If a client chooses a 50%-50% primary beneficiary, the two primaries will split the account upon the account holder's death.
The contingent beneficiaries inherit the IRA if and only if all primary beneficiaries are also deceased.
Having a beneficiary is a requirement for establishing an account with us and you can not name yourself as a beneficiary.