common disaster clause |
Definition
Provision in most life insurance policies (and some wills) under which the primary beneficiary of the policy (or will) must survive the insured (or testator) by a certain number (usually from 60 to 90) days to qualify to receive the policy's (or will's) benefits. Otherwise the benefits will be paid to the insured's (the testator's) estate as if the primary beneficiary died before the insured (testator). Also called survivorship clause.
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common disaster clause is in the General, Marine, & Life Insurance subject.
common disaster clause appears in the definition of the following term: survivorship clause
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