Loss Payee

Definition

• The individual or entity that is entitled to the payment from an insurance claim. For example, if an insured house burns down, the loss payee would be the homeowner. In different scenario, if a customer is injured on a business's property and the business is found liable, the loss payee would be the injured customer.

Synonyms
plaintiff, claimant

Related Terms and Acronyms

• Assignee — Definition,
  • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
  • A person appointed to acquire (take) an item, such as a property.
• Assignor — Definition,
• Contract Holder — Definition,
  • The entity that holds the rights to a obligation or debt.
• Financing Entity — Definition,
  • An entity that purchases an insurance policy or settlement contract.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Claim — Definition,
  • An application for benefits made by an insurance policyholder after an insured event.
• Loss Payable Clause — Definition,
  • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
• Loss Settlement Amount — Definition,
  • The percentage of damages an insurer is contractually obligated to pay for after a claim.
• Spin-Life — Definition,
  • A financial industry that specializes in buying life insurance policies from individuals or convincing individuals to take out new life insurance policies with an investor as a beneficiary.
• Transferable Insurance Policy — Definition,
  • A life insurance policy that can be sold to another party through a viatical settlement.
• Trustee — Definition,
  • A person who holds and manages assets for the benefit of beneficiaries.
• Ultimate Net Loss (UNL) — Acronym,
  • The final sum that an insurer is required to pay a policyholder after they have filed a valid claim.
• Viatical Settlement — Definition,
  • A contract where an individual agrees to sell his or her life insurance policy to a third party before their death.
• Viator — Definition,
  • A person who agrees to sell his or her life insurance policy to a third party.