Facility Of Payment Clause

Definition of "Facility of payment clause"

Terence Trombetti
Terence Trombetti Florida Complete Realty

Element usually found in industrial life insurance policies under which the insurance company upon the death of the insured under certain conditions is allowed to choose the beneficiary if the beneficiary named in the policy is a minor or deceased. For example, the funeral home may receive a death benefit if the beneficiary is not alive.

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