Loss Payable Clause
Definition of "Loss payable clause"
Coverage for a mortgagee where real or personal property, used as security for a loan, is damaged or destroyed. For example, a bank (mortgagee) lends money to an individual (mortgagor) who pledges certain valuables as security. The valuables are stolen. If the individual defaults on the loan, the bank would be indemnified under the policy for an amount up to the outstanding loan.
Popular Insurance Terms
Documents completed by the agent to effect authorization to act on behalf of the company. ...
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Condition of real or personal property when it is damaged or destroyed to such an extent that it cannot be rebuilt or repaired to equal its condition prior to the loss. ...
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a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one). loss ...
Organization that calculates rates and develops insurance policies for its property and casualty member companies. The suggested rates are used by smaller companies where the loss ...
Arrangement between the buyer and the seller in which there is a mutual agreement to buy or sell a security at a given price at a stipulated future date. These contracts are effected on a ...
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