| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 1,727,850,487 visitors served. |
|
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
loss payee |
0.01 sec. |
|
Loss payee A party to whom an insurance loss payment or insurance settlement may be directly paid. Loss Payee The person or company to whom an insurance company makes a payment should the insured event occur. For example, in a health insurance policy, the loss payee will likely be the policyholder if he/she becomes ill. In a life insurance policy, the loss payee is likely the policyholder's survivors. loss payee A person entitled to payment from an insurance policy, even if the person is not the insured.For property insurance, the mortgage lender is usually the first loss payee and will be paid to the extent of the principal balance of its loan,with the remainder of the money to the homeowner. Lenders may waive payment if there is an insured loss and allow payment to the borrower to make repairs.In the alternative,it may accept payment and then disburse funds as repairs are made, as a method of making sure the insurance money goes back into the property.How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
|
| ? Mentioned in | ? References in periodicals archive | |
|---|---|---|
| An aviation policy naming a listed investment bank as loss payee If required, the lender can be named as loss payee. The new feature also allows EasyTrack to 1) store different lines of coverage specific to a collateral under the same policy; 2) add or cancel coverage to a specific collateral without affecting the policy's "in-force" status; 3) display the insured location on bills to better define which location a bill is paying for; and 4) store loss payment endorsement, loss payee, mortgagee and additional insured information. |
| Financial Dictionary |
| Free Tools: |
For surfers:
Free toolbar & extensions |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup | Partner with us |
|---|