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
Presence of other contract (s) covering the same conditions. When more than one policy covers the exposure, each policy will pay an equal share of the loss. ...
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Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
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