loss payable clause
- A provision in a policy of insurance on property taken out by the owner that the loss, if any, shall be paid to a mortgagee, or other person having an' interest in the property, as his interest may appear. 29 Am J Rev ed Ins §§ 728 et seq.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
lender's loss payable clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is personal property. This is the personal property version of the standard… … Financial and business terms
simple loss payable clause — A clause in a policy of insurance on property subject to mortgage or lien, covering loss by fire, windstorm, flood, or other peril, providing for the payment of the proceeds of the insurance in the event of a loss to the named mortgagee or lienor … Ballentine's law dictionary
Loss payee clause — A loss payee clause (or loss payable clause) is a clause in a contract of insurance which provides that in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the… … Wikipedia
loss — is a generic and relative term. It signifies the act of losing or the thing lost; it is not a word of limited, hard and fast meaning and has been held synonymous with, or equivalent to, damage , damages , deprivation , detriment , injury , and… … Black's law dictionary
clause — / klȯz/ n: a distinct section of a writing; specif: a distinct article, stipulation, or proviso in a formal document a no strike clause in the collective bargaining agreement claus·al / klȯ zəl/ adj Merriam Webster’s Dictionary of Law. Merriam… … Law dictionary
loss — n 1: physical, emotional, or esp. economic harm or damage sustained: as a: decrease in value, capital, or amount compare gain b: an amount by which the cost of something (as goods or services) exceeds the selling price compare … Law dictionary
standard mortgagee clause — A loss payable clause for the protection of the interest of a mortgagee of the insured property, in a form prescribed by statute. 29 Am J Rev ed Ins. § 731. See union mortgage clause … Ballentine's law dictionary
open mortgage clause — Same as simple loss payable clause … Ballentine's law dictionary
union mortgage clause — A clause, as in a fire policy (together with the rider making the loss, if any, payable to the mortgagee), which provides that if the policy is made payable to a mortgagee of the insured real estate, no act or default of any person other than… … Black's law dictionary
Contract Clause — United States of America This article is part of the series: United States Constitution Original text of the Constitution Preamble Articles of the Constitution I · … Wikipedia