It was and still is common practise for people just to replace plants when they start do die, I know the lfs I work in has loads of non-aquatic marsh plants (like this one here) and people still buy them knowing this.
As aron says, this plant is Dracaena sanderiana, it can easily survive being submerged for up to a few months and will put out new roots, maybe a couple of leaves if your lucky. But eventually it will just rot and die, or get covered in algae and die.