A payment made by the insurer to an insured out of grace or kindness.
Settlement of a claim by an insurer, even though the company does not feel it is legally obligated to pay. Settlement is made in order to prevent an even larger expense to the company as a result of having to defined itself in court, or for goodwill purposes.
an exceptional vehicle used only when there is no statutory, regulatory or policy vehicle to make the payment
A payment made without legal obligation as a favour
Payment made by an insurer for which it is not liable under policy terms. Sometimes made to avoid greater legal expense in defending a claim.
A payment of claim made by an insurer due to a mistake or misunderstanding, and not necessarily due to a liability.
A payment made for which the company is not liable under the terms of its policy. Usually made in lieu of incurring greater legal expenses in defending a claim. Rarely encountered in reinsurance as the reinsurer by custom and for practical reasons follows the fortunes of the ceding company.
Latin for "from favour." A payment by an insurer to an insured for which there is no liability under the contract.
A sum paid by an insurer who maintains that he is not liable to make the payment.
Any payment made by an insurance company which is not strictly necessary, under the terms of the policy.
a payment made to an insured where there is no liability under the policy.
A payment by an insurer to an insured for which there is no contractual liability. Such payments are sometimes made as a goodwill gesture if there is the possibility of a misunderstanding or a mistake.
Payment of a claim which is not covered in terms of the policy wording.