Payee Clause
Definition of "Payee clause"
Clause in an insurance policy that provides for the payment of a monetary sum to the individual (s) who incurred the loss.
Popular Insurance Terms
Annuity payments that continue for the life of the annuitant. ...
Combination life insurance policy composed Of TERM LIFE INSURANCE and an INSTALLMENT REFUND ANNUITY. ...
Reinsurance: total of the limits of liability of all reinsurance policies that a reinsurer has outstanding on a single risk. The total of all such limits includes all ceding contracts from ...
Right that has a limited time in duration for an individual to receive the income generated by assets owned by another individual. ...
Coverage for goods in transit and the vehicles of transportation on waterways, land, and air. ...
Language in the insurance policy that can be considered unclear or subject to different interpretations. Under these circumstances, the courts have generally ruled in favor of insured ...
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for ...
Income paid to a worker who is temporarily disabled by an injury or sickness that is not work related. Compare with workers compensation benefits, which are available only to workers ...
Combination of two basic plans: accumulating units of paid-up permanent life insurance, and decreasing units of group term life insurance. The premium paid each month consists of the (a) ...
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