In my games I've found that elective succession is basically a poor man's premogeniture + designate heir so that doesn't sound too far off to me.Not necessarily; there are plenty of historical cases where an over-strong nobility still maintained the existing dynasty.
Overall, elective succession in-game should probably be less 'free' than it is at the moment; historically a lot of nominally elective monarchies were just hereditary succession with extra steps (if an heir existed).
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