Common Disaster Clause (survivorship Clause)
Definition of "Common disaster clause (survivorship clause)"
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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Process of distributing the costs associated with losses and risks over a number of insureds. ...
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