What Does Ex Gratia Payment Mean?

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What does Ex Gratia Payment mean? Read on to discover the definition & meaning of the term Ex Gratia Payment - to help you better understand the language used in insurance policies.

Ex Gratia Payment

Ex Gratia Payment

Latin: "by favor." A voluntary payment made by the insurer in response to a loss for which it is not technically liable under the terms of its policy.

We hope the you have a better understanding of the meaning of Ex Gratia Payment.

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