What Does Facility of Payment Clause Mean?

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

Facility of Payment Clause

Facility of Payment Clause

A facility of payment clause is a provision in life insurance that allows the insurance company to choose the beneficiary or give part of the proceeds to someone other than the beneficiary. It can also be used to pay for expenses related to the insured, the most common being funeral expenses.

We hope the you have a better understanding of the meaning of Facility of Payment Clause.

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