1 It's the beauty on the inside
Collateral beauty means the beauty that lies within. It is the hidden beauty in anything dark that is happening as it cannot be seen directly. This means that no matter how tough or dark the time is, there is always something beautiful happening right there for you.
2 It's the meaning behind something
This word is also used a lot of times to explain the meaning behind something. For example, when something disheartening happens with someone, that person tries to see the collateral beauty behind it. It is a beautiful thing and makes life remarkably easy.
3 It could refer to the bright side
It may take a lifetime to analyze the good within the dark and understand that love is such a strong feeling that even death could dishevel it. Hence, collateral beauty is referred to as the bright side of any situation. If a person looks for the bright side in any unfortunate event, it will make the situation better.
4 The acts of selfless kindness
As per the movie, people become kinder if anything tragic happens to them as they develop a sense of empathy for them who suffer. The film shows acts of selfless kindness, which results from tragedies.
5 The meaning behind a tragedy
If we talk about Collateral Beauty, starring Will Smith, it portrays the positive things hidden behind the severe tragedy. (See Collateral Beauty Movie Explanation)
6 The hidden bliss
Collateral beauty could also refer to the secret happiness behind anything that happens. It depends on person to person; for someone, it can be a good thing, but at the same time, another person might feel it as a bad thing. If the bliss is disguised as a bad thing, then a person should search for collateral beauty in it.
7 It could refer to personality
The collateral term can be used in terms of character as well because you cannot see it directly as it is a hidden trait.
8 It's the lesson learned
It is also said that Collateral beauty helps you in acquiring a good lesson from an unfortunate event. If we talk about the movie, it shows that after experiencing pain, a person can come up with various useful things, as it changes his personality to a great extent. (See Why do people hide emotional pain?)