What does Executor mean? Read on to discover the definition & meaning of the term Executor - to help you better understand the language used in insurance policies.
An executor is a representative appointed in a will to settle the affairs of the deceased and ensure their written wishes are carried out. Responsibilities include protecting the deceased's assets and property, arranging for the payment of debts and taxes, and making sure beneficiaries and heirs receive their due. In terms of insurance, this may entail ensuring the appropriate beneficiary receives any life insurance benefits. Moreover, executor's liability insurance is also becoming more widespread as a means to protect the policyholder from liability claims.
We hope the you have a better understanding of the meaning of Executor.