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.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

Popular Real Estate Terms

Popular Real Estate FAQ