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LSDefine

Simple English definitions for legal terms

loss-payable clause

Read a random definition: ferry franchise

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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i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
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