A form of life insurance which allows changes on the policy face amount, the amount of premium, period of protection, and the length of the premium payment period. See also Flexible Premium Adjustable Life Insurance Policy.
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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.