Otherwise, your assets will pass based on the assumption your spouse or other primary beneficiary died before you. For example, if the insured is deemed to have died first, the proceeds are payable to a named contingent beneficiary. Numbers, and placing the names, etc you desire next to the field numbers. P is the primary…
Tag: common
Common Disaster Clause Life Insurance
Wording in life insurance policies to determine the order of deaths whenthe insured and the beneficiary die in the same accident. This clause seeks to cover the situation in which the transferor and transferee die in a common disaster. A life insurance policy common disaster clause works differently from a clause in a will or…