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That canned wording is really lame and it gets lamier the more times I see it. But then again, that is Intuit's answer to installing a barn door. Just think if Intuit had been hired to build the Great Wall of China. Instead of a wall there would have been a few stones scattered along the border saying "You have come to China but you may be looking for Russia. Cheers!"
and ex marks the spot where those rocks and anvils hit me.
Well, actually, maybe, if the policy claim has not yet been submitted (for all we know from the question, the husband is still alive); the wife "disclaims" $200,000 of the proceeds; and the kids are the alternate beneficiaries for that amount.