Definitions for "Common Disaster Clause"
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.