loss payable clause

loss-payable clause. Insurance. An insurance-policy provision that authorizes the payment of proceeds to someone other than the named insured, esp. to someone who has a security interest in the insured property. • Typically, a loss-payable clause either designates the person as a beneficiary of the proceeds or assigns to the person a claim against the insurer, but the clause usu. does not treat the person as an additional insured. See MORTGAGE CLAUSE . [Cases: Insurance 3450. C.J.S. Insurance §§ 1404, 1520.]

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词条贡献者

译者圣强，毕业于一所培养高级翻译以及跨文化事务专家的精英大学，擅长翻译各种与房地产交易及建筑纠纷相关的法律文件。