facility of payment clause

facility-of-payment clause.

1. Insurance. An insurance-policy provision allowing the appointment of a person to receive payment from the insurer on the beneficiary’s behalf. [Cases: Insurance 3468.]

2. Trusts. A trust provision that allows anyone who owes money to an incapacitated trust beneficiary to discharge the debt by paying the money owed to the custodial trustee.

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词条贡献者

译者大智，毕业于一所旨在培养高级翻译专业人才的翻译院校，擅长翻译各种与环境保护相关的法律文件。