Ex gratia payment

Ex gratia payment,

Definition of Ex gratia payment:

  1. A prepayment payment is different from a mandatory payment because it is voluntary. Organizations, governments and insurers will usually compensate victims only if they are legally bound to do so.

  2. Payment when there is no obligation or obligation to pay. For example, a one-time payment in addition to pension benefits for retired employees. An insurance claim can be a payment for which the insurer appears irresponsible. The former Gertia means goodwill in Latin. This is also known as prepayment.

  3. An organization, government or insurance company pays individuals in advance for any loss or claim, but does not demand liability from the paying party. Ex-mortgage payments are considered voluntary because the paying party does not have to pay the person. In Latin, "ex gratia" means "help".

How to use Ex gratia payment in a sentence?

  1. Prepayment does not mean that the payer accepts responsibility for any damages.
  2. To promote goodwill, the company offers to pay the affected party.
  3. In the United States, ex-white payments are tax-exempt.

Meaning of Ex gratia payment & Ex gratia payment Definition

Ex Gratia Payment,

How Do You Define Ex Gratia Payment?

  • Meaning of Ex Gratia Payment: Latin: Please make a voluntary payment to an insurer in response to a loss for which you are not technically liable under your policy.

  • Ex Gratia Payment definition is: An organization, government or insurance company pays individuals in advance for any loss or claim, but does not require liability from the paying party.

    • An organization, government or insurance company pays individuals in advance for any loss or claim, but does not require liability from the paying party.
    • Ex-mortgage payments are considered voluntary because the paying party does not have to pay the person.
    • In the United States, past expenditures are generally subject to federal and state income taxes.

  • Ex Gratia Payment means, Payments made by the insurance company outside the terms of the policy.

  • Definition of Ex Gratia Payment: Payment is made for which the company is not responsible under its policy. This usually replaces the high legal costs of maintaining the claim. As a rehabilitator, he has rarely given up the habit of insurance and, for practical reasons, follows the fate of birth.

  • Damage payments by insurance companies that do not pay under the policy are sometimes due to mistakes, negligence or misunderstandings of the company, agent or insurer. Payments are made at the Company's absolute discretion for a variety of reasons, including: protecting the face of the selection agency, protecting the company's image, avoiding litigation, or simply protecting valuable accounts.

  • Any payment by the insurance company that is not strictly required by the terms of the policy.

  • Payment by an insurer to an insurer for ethical and illegal reasons.

Literal Meanings of Ex Gratia Payment

Ex:

Meanings of Ex:
  1. (Goods) are sold directly.

  2. without reason

  3. Ex-husband, wife or other partner in the relationship.