The date at which the face amount of a Life Insurance policy becomes payable by reason of either death or endowment.
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Spendthrift Clause
A clause in most Life Insurance policies which prevents the creditors of a beneficiary from claiming any of the benefits payable to him before he actually receives the money. The purpose of this clause is to keep those to whom he is in debt from taking legal action to require the insurer to pay the proceeds directly to them.