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.
Popular Insurance Terms
Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
Application for a policy, in life insurance, accompanied by the first premium; in property and casualty insurance, the insurance application itself. ...
Combination of two basic plans: accumulating units of paid-up permanent life insurance, and decreasing units of group term life insurance. The premium paid each month consists of the (a) ...
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Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...
Transfer of the cash value of the policy from the policyowner to the policyowner's creditor as security for a loan. ...
Rules passed as part of the tax reform act of 1986 that limit the amount of income investors can shelter from current tax. Losses can be deducted from passive activities only in the amount ...
Value of a share of common stock, derived by dividing the total common stockholders' equity at the end of a period of time by the total number of shares outstanding at the end of the same ...
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