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

法律翻译Jane，毕业于欧洲顶尖的高级翻译学院，专注翻译各类与私募及对冲基金设立有关的法律文件。