ex gratia payment
Definition
Sum of money paid when there was no obligation or liability to pay it. For example, a lump sum payment over and above the pension benefits of a retiring employee. In insurance claims, it may take the form of payment for which the insurer did not appear to be liable. Ex-gratia is Latin for, from favor or as a favor. Also called ex-gratia settlement.
ex gratia payment is in the Accounting & Auditing and General, Marine, & Life Insurance subjects.
ex gratia payment appears in the definition of the following term: ex gratia settlement
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