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Simple English definitions for legal terms

loss-payable clause

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A quick definition of loss-payable clause:

A loss-payable clause is a part of an insurance policy that allows the payment of money to someone other than the person who bought the insurance. This is usually someone who has a security interest in the property that is insured. The clause can either make this person a beneficiary of the money or give them a claim against the insurance company. However, this person is not considered an additional insured under the policy. It is similar to a mortgage clause.

A more thorough explanation:

Definition: A loss-payable clause is a provision in an insurance policy that allows the payment of the insurance proceeds to someone other than the named insured. This is usually someone who has a security interest in the insured property.

For example, if you have a car loan, the bank may require you to have car insurance with a loss-payable clause. This means that if your car is damaged or stolen, the insurance company will pay the bank the amount owed on the loan before paying you any remaining amount.

Another example is if you rent a property and your landlord has a mortgage on the property. The landlord may require you to have renters insurance with a loss-payable clause. This means that if the property is damaged or destroyed, the insurance company will pay the landlord the amount owed on the mortgage before paying you any remaining amount.

The loss-payable clause is important because it protects the interests of the person or entity with a security interest in the insured property. It ensures that they will receive payment before anyone else if the property is damaged or destroyed.

loss-of-use exclusion | loss payee

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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