(a) If the insured under a life or accident insurance policy and a beneficiary of the proceeds of that policy die within a period of less than 120 hours, the insured is considered to have survived the beneficiary for the purpose of determining the rights under the policy of the beneficiary or beneficiaries as such.
(b) This section does not prevent the applicability of Section 121.151 to proceeds of life or accident insurance that are community property.