A form of Term Life Insurance that provides protection for a person’s “expectation of life.” This becomes the term of the policy, as opposed to the ordinary Term policies which are for a given number of years or to a stated age, such as 65.
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Facility-of-Payment Clause
A contract provision found in Industrial Life policies, which permits the insurer to pay a portion of the proceeds of the policy to any relative or person who has possession of the policy, and who appears equitably entitled to such payment. This provision is designed to facilitate payment when some doubt may exist as to who the beneficiary is, and to save legal expenses in the settling of an estate.