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 ?
Assigning your bank/lender as your policy's loss payee makes your receivables more attractive as collateral," said Mendell.
Therefore it is recommended that in addition to the lender being named as loss payee in the policy the borrower should formally assign the policy in favour of the lender.
ESA will be the contracting authority and the loss payee under the resulting contract.
Loss Payee on a Property Policy Doesn't Have the Same Rights as a Mortgagee
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.
CA 99 61 simply lists a loss payee that will be paid along with the named insured for a loss to audio, visual, and data electronic equipment that has been given coverage through the use of CA 99 60.
Although the premiums are not tax deductible, the benefits are received tax-free by the loss payee.