Facility Of Payment Clause
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.
Popular Insurance Terms
Combination of several coverages to protect the insured. For example, the comprehensive health insurance policy combines the basic hospital plan with major medical insurance to cover ...
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Coverage that is excluded under commercial general liability insurance (comprehensive general liability insurance) for the loss of use of undamaged tangible real or personal property as the ...
Insurance coverage sold by a broker as contrasted with insurance coverage sold by an agent. ...
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