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Common Disaster Clause Survivorship Clause


Definition of "Common disaster clause (survivorship clause)"

Micki Sanders
  National Realty Centers-Birmingham

Wording in life insurance policies to determine the order of deaths when the insured and the beneficiary die in the same accident. For example, if the insured is deemed to have died first, the proceeds are payable to a named contingent beneficiary. Otherwise, the proceeds are payable to the insured's estate and are subject to probate and other legal fees.



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