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LSDefine

Simple English definitions for legal terms

loss payee

Read a random definition: recording secretary

A quick definition of loss payee:

A loss payee is someone who is named in an insurance policy to receive payment if the insured property is damaged or lost. This means that if something bad happens to the insured property, the insurance company will pay the loss payee instead of the insured person or entity.

A more thorough explanation:

Definition: A loss payee is a person or entity named in an insurance policy to receive payment if the insured property suffers a loss. This is done through a loss-payable clause.

Example: Let's say you take out a car loan and the lender requires you to have car insurance. The lender will likely be named as the loss payee on your insurance policy. This means that if your car is damaged or totaled, the insurance company will pay the lender the amount owed on the loan before paying you any remaining amount.

Another example: A business may have a loan with a bank and the bank may require the business to have property insurance. The bank would be named as the loss payee on the policy. If the business's property is damaged or destroyed, the insurance company would pay the bank the amount owed on the loan before paying the business any remaining amount.

These examples illustrate how a loss payee is a person or entity that is entitled to receive payment from an insurance policy if the insured property suffers a loss. It is important to note that the loss payee is not the policyholder, but rather a third party that has a financial interest in the insured property.

loss-payable clause | loss ratio

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Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
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