Loss payable clause

Loss payable clause,

Definition of Loss payable clause:

  1. A loss payable clause is an insurance contract endorsement where an insurer pays a third party for a loss instead of the named insured or beneficiary. The loss payable provision limits the rights of the loss payee to be no higher than the rights guaranteed to the insured.

  2. A clause authorizing payment to people with an insurable interest in the property, even if they are not named as the insured. This clause protects the lender in the case of a mortgage.

  3. A loss payable clause might also be called a loss payee clause.

How to use Loss payable clause in a sentence?

  1. They are commonly found in commercial property, auto, and maritime insurance contracts.
  2. A loss payable clause is an insurance contract endorsement where an insurer pays a third party for a loss instead of the named insured or beneficiary.
  3. The loss payee is usually registered as the recipient because it has an assignment of interest in the property being insured.
  4. Loss payable clauses are often used to protect lenders who have leased property or extended credit.

Meaning of Loss payable clause & Loss payable clause Definition

Loss Payable Clause,

What is The Definition of Loss Payable Clause?

You can define Loss Payable Clause as, Insurance clause which allows payment in case of loss to any person or person other than the designated insured who is interested in insuring the insured item or, in some cases, the insured and another person or entity Jointly with A common stipulation is that the insurer is not obliged to pay the inheritance of damages if the insured can be denied compensation. If the insurer pays the beneficiary, the insurer passes on the beneficiary's assignment to another party. Disclaimer clauses are common in commercial and personal auto insurance, where the financial services of more than one vehicle are paid for by the company. The insurance coverage offered to heirs under this provision is designed to arouse their interest. This means that you only pay for the damage to the financial institution, even if the cost of the car is high. Compensation clauses are also often used in commercial property insurance policies to protect the interests of companies that have leased or leased private property.

An insurance clause that allows individuals or legal entities to pay damages with insured interest on the insured property.

A policy condition that allows the insurer to direct the company to pay damages due to a third party.

Provision in the Property Insurance Policy which stipulates on the application of the designated insurance that the claim for compensation for loss of a particular property will be paid to the party referred to in the designated insurance or contract clause.

Clauses prohibiting the payment of damages to a person other than a sick person who has insurance interest in the property owned. Generally used for immovable property. As a rule, in case of a claim, the payment is made by the insured and the beneficiary.

Literal Meanings of Loss Payable Clause

Loss:

Sentences of Loss
  1. Avoid wasting time

Synonyms of Loss

misplacement, dropping, overlooking, forgetting, mislaying

Payable:

Meanings of Payable:
  1. Debt arising out of company liabilities.

  2. Paying (cash)

  3. Can submit

Sentences of Payable
  1. Payable account (excluding customer payments and payable construction accounts)

  2. Interest is paid on the amount owed

Synonyms of Payable

due, to be paid, owed, owing

Clause:

Meanings of Clause:
  1. The grammatical organizational unit, which is located directly below the sentence in the line, must have an article and a prediction in traditional grammar.

  2. Articles, terms or conditions are specific and separate from an agreement, bill or agreement.

Sentences of Clause
  1. In each of the above sentences, the two sentences are connected by a series of sentences without a sentence.

  2. Agreements usually contain a provision of an electoral law that determines the applicable law.

Synonyms of Clause

term, article, paragraph, turn of phrase, idiomatic expression, construction, point, note, set phrase, word group, expression, subsection, wording, clause, phrasal verb, heading, section, locution, group of words, part, passage, idiom, item, phrasal idiom

Loss Payable Clause,

How To Define Loss Payable Clause?

  1. Guarantee of the mortgage lender's interests in the assets means, in the event of a claim, the mortgage lender pays the claim at the insurer's command.

  2. Third party mortgage coverage in which the loan is lost or disposed of in order to eliminate the loan-insured property.