What does benefits payable exclusion mean?

benefits payable exclusion meaning in Insurance Dictionary

A standard exclusion in fiduciary responsibility policies precluding coverage for statements involving repayment of advantages owed to a claimant, if monies can be found in the intend to make such a repayment. Including, assume that thus of case or settlement, a claimant is entitled to particular levels of money held within an insured's pension program. If these types of monies is paid from the program, it is really not the intention of a fiduciary plan in order to make such payment, since this would have the end result of covering a company threat. However, if a claimant had been to say a valid claim against a now-defunct or insolvent program (from which no, or only restricted, funds were offered), this exclusion would not preclude repayment in such conditions.