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promise to pay

   Also found in: Acronyms 0.02 sec.
See: coverage, insurance


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As the commissioner explained, "Although the contract contains the insurer's promise to pay benefits under the stated conditions, the discretionary clause makes those payments contingent on the unfettered discretion of the insurer, thereby nullifying the promise to pay and rendering the contract potentially illusory.
Ryanair yesterday said that "from today, all of Ryanair's fares will be quoted inclusive of taxes" in conjunction with a seat sale that includes a promise to pay passengers double the difference between a Ryanair fare and a cheaper fare on the same route operated by a competing carrier.
An unconditional order or promise to pay some amount of money, easily transferable from one party to another.
 
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