Insurance policy wording that states that the primary beneficiary must survive the insured by a specified period, e.g., 15 or 60 days, in order to receive the policy proceeds.
A life insurance policy provision which states that the primary beneficiary must survive the insured by a specified period, such as 60 or 90 days, in order to receive the policy proceeds. Otherwise, the policy proceeds will be paid as though the primary beneficiary had died before the insured.----------[ Back
A provision in a life insurance policy to determine the order of deaths when the insured and the beneficiary die in the same accident. If it is deemed that the insured died first, the proceeds are payable to the named contingent beneficiary. Otherwise, the benefits are paid to the insured's estate.
A statement in a will telling how property is to be distributed if would-be devisees die from the same accident.
The clause in a life insurance policy that provides for how the insurer will distribute the proceeds of the policy in the event of a common disaster.
A clause sometimes added to a Life Insurance policy that provides a means for the insurer to distribute the proceeds of the policy in the event of a common disaster.
defines how insurance proceeds will be paid when an insured and the primary beneficiary die at the same time or within a specified time frame. When there is no proof that either party survived the other, it is presumed that the insured survived the beneficiary with the claim being paid to the secondary beneficiary or to the estate of the insured.
A life insurance policy provision which states that the beneficiary must survive the insured by a specified period, such as 30 or 60 days, in order to receive the policy proceeds. Otherwise, the policy proceeds will be paid as though the beneficiary had died prior to the insured. Also known as survivorship clause and time clause.