Meaning EX-GRATIA PAYMENT
What does EX-GRATIA PAYMENT mean? Here you find 3 meanings of the word EX-GRATIA PAYMENT. You can also add a definition of EX-GRATIA PAYMENT yourself
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EX-GRATIA PAYMENTA payment made by an insurer to a policyholder where there is no legal liability so to pay.
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EX-GRATIA PAYMENTA payment made by underwriters “as a favour” or “out of kindness” without an admission of liability so as to maintain goodwill.
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EX-GRATIA PAYMENTA claims payment made by the insurer (‘as of favour’) even though there is no legal obligation to pay. Such payments are made to preserve goodwill, often where the right to refuse payment is founded o [..]
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