MLchartDataset catalogue

Loss payable clause

Term · Insurance and risk management · MLC-T-INS-002078

A provision in an insurance policy that directs the insurer to pay any covered loss to a party other than the named insured, typically a lender or lienholder. This clause protects the financial interest of the entity that has a security interest in the insured property. The payment is made jointly to the insured and the loss payee.

Table 1. Record
IdentifierMLC-T-INS-002078
FieldInsurance and risk management
SubjectPersonal Lines
Record as JSON 
{
  "id": "MLC-T-INS-002078",
  "term": "Loss payable clause",
  "field": "Insurance and risk management",
  "definition": "A provision in an insurance policy that directs the insurer to pay any covered loss to a party other than the named insured, typically a lender or lienholder. This clause protects the financial interest of the entity that has a security interest in the insured property. The payment is made jointly to the insured and the loss payee.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/loss-payable-clause/"
}

Record 2,000 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.