Definition of "Disaster clause"

Panchal Realtors real estate agent
Panchal Realtors, Real Estate Agent AmeriTeam Realty

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.

 

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