A contract of marine insurance is concluded between the parties when the proposal is accepted by the Insurer. However, the contract is inadmissible as evidence into a court of law unless it is embodied into a marine policy.
Facebook
Linked In
Instagram
Twitter
Contact Us
News
Calendar
Calculators
Resource Center
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.