Disaster Clause
Definition of "Disaster clause"
Same as term Common Disaster Clause: wording in life insurance policies to determine the order of deaths whenthe 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
Insurance company that becomes subrogated to the rights of another party. ...
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Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Date of the initial annuity payment. ...
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Choice of one of the following available to a life insurance policy owner (or beneficiary, if entitled to receive a death benefit in a lump sum at the death of an insured): INTEREST OPTION ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
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