Insurance Terms Loss Payee
The party to whom the claim from a loss is to be paid.
Insurance terms loss payee. Intact insurance provides you with a glossary of insurance terms that helps you understand the insurance language. In the insurance industry the insured or the party entitled to payment is the loss. The person s protected in case of a loss or claim. If you re the one purchasing an auto policy and own your vehicle outright the loss payee is you.
A loss payee clause or loss payable clause is a clause in a contract of insurance that provides in the event of payment being made under the policy in relation to the insured risk that payment will be made to a third party rather than to the insured beneficiary of the policy. Loss payee can mean several different things. The term loss payee is often used on insurance policies. Loss payee a person or entity that is entitled to all or part of the insurance proceeds in connection with the covered property in which it has an interest.
A loss payee is entitled to an insurance claims payment in cases of property damage despite not being the named insured on the policy. In the insurance world the loss payee is simply the person who can expect to be reimbursed by the insurance company when a claim is filed and approved. The insurance company that provides insurance coverage and services. The person designated on an insurance policy as the one to be paid in case the property is damaged or destroyed.
Such clauses are common where the insured property is subject to a mortgage or other security interest and the. The document that is the agreement between your insurance company and you the policyholder detailing the terms and conditions of your insurance coverage. Read on to discover the definition meaning of the term loss payee to help you better understand the language used in insurance policies. Usually added in respect to equipment and stock.
This typically occurs when a small business uses collateral to secure a loan. Often those asking to be named as loss payees have leased some type of equipment to the insured a photocopy machine for example. A secured lender often requires a borrower to carry adequate insurance on property used as security and requires the borrower to name the lender as the loss payee.
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