1. In Insurance, this is a life insurance fund available to cover final expenses of an individual such as funeral services, settlement of the financial assets per the will of the deceased. or any other posthumous costs. Known also as funds for final expenses. 2. In General, this is a fund a firm sets aside to cover costs due to an accidental environmental hazard such as boiler blasts, radiation leakages and oil spills.
Black’s Law Online Dictionary
