An absentee who is missing for a continuous period of four years, during which, after diligent search, the absentee has not been seen or heard of or from, and whose absence is not satisfactorily explained, shall be presumed, in any action or proceeding involving the property of the person, contractual or property rights contingent upon the absentee’s death or the administration of the absentee’s estate, to have died four years after the date the unexplained absence commenced. If the person was exposed to a specific peril of death, that fact may be a sufficient basis for determining that the absentee died less than four years after the date the absence commenced.