Delayed Payment Clause: Life Insurance Glossary Dictionary - Delayed Payment Clause

Definition of Delayed Payment Clause:

Delayed Payment Clause: In Life Insurance, a clause deferring payment to the beneficiary for a specified period after the death of the insured with proceeds to be paid to contingent beneficiaries or the estate if the primary beneficiary does not survive the delay. It is used as one method of handling common-disaster situations, such as the death of the insured and the death of the primary beneficiary occurring in the same accident. The clause usually states that the beneficiary has to survive the death of the insured by a certain period of time in order to collect. (LI)

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The meaning of Delayed Payment Clause is an excerpt from InsWeb:

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Also see: Delayed Payment Clause ,

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