Life · Chapter 6 · Beneficiaries
Facility of Payment Provision
Definition
Permits the insurer to pay some or all proceeds to ANY person who appears equitably entitled — e.g., someone who paid the insured's final/medical expenses, or to assist a minor's guardian. Typically triggered when no claim is filed within ~2 months.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms