loss payee

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.
References in periodicals archive ?
For Gulf-based banks, the Coface credit cover for factoring and loss payee is currently in excess of $1.
Also, goods financed should be properly insured with ODB as the loss payee, Hamad added.
8220;Wells Fargo is issuing all new loss payee certificates and is a powerful partner in ensuring that the transition protects each and every one of our clients seamlessly.
These risks are mitigated by the presence of loss payee language and a client property endorsement, which make it possible for the Investor to be paid directly for its loss.
H&E) claimed that Ross Nesbit and the insurance agent, by amending H&E's policy to add its landlord as a loss payee without its knowledge or permission, the action started a chain of events that led to the loss of H&E's business.
With CV-Exchange, companies can manage loss payee and mortgagee notifications, producer notifications and escrow billing.
Because a BRT policy can be structured to coordinate precisely with the term and amount of the loan, and because the lender is named as the loss payee on the policy, having this coverage in place is a win-win for the student loan holder and lending institution alike.
Home insurance is not required by law, but mortgage lenders require you to have it and to name the lender as loss payee at least to the extent of the loan.
One of the most contentious of the changes to the condominium statutes was the one requiring that "The association must be an additional named insured and loss payee on all casualty insurance policies issued to unit owners in the condominium operated by the association.
Lender/servicer notifications: Lenders/servicers are listed as mortgagee, loss payee and additional insured, depending on the loan documentation, and as such they are entitled to specific notifications of coverage lapses, gaps and renewals.
If required, the lender can be named as loss payee.
But such warranty provisos cannot be allowed to operate to the detriment of the merchants' bank, say in the denial of a claim payment to the bank as an innocent loss payee following catastrophic loss, otherwise the coffee insurance policy itself would be severely debased.