IMHO, it's a fun way to GM...
BUT, all players before they get started should know that. Because they won't feel so bad when they get killed. Also the longer the campaign goes on, the ones that live will fight harder to help each other, which if they did in my campaigns I'd now and then give them an act of God to keep a player from dying. Maybe they'll get hit and lose a limb or an eye. Get POW'd. whatever.
When theirs big risk, theirs big reward.
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