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A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
Mortgage insurance vs. homeowners insurance. ... You may see a “loss payee clause” or a “mortgage clause” listed when you take out your home insurance policy. ... Additional living ...
The cost of adding an additional insured to a property or liability insurance policy is generally low, as compared to the costs of the original premium. The underwriting departments of insurance companies, rightly or wrongly, often view the additional risk associated with additional insureds as marginal. Additional insurance coverage and ...
Loss payee. The party entitled to the insurance company’s reimbursement — synonymous with the mortgagee or lender, in this case. Mortgagee clauses are sometimes referred to as “loss payee ...
Understanding additional interest vs. additional insured in car insurance Most insurance carriers allow you to add additional interest or additional insured parties to a variety of different ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Bankrate knows that the two insurance types can be confusing, so our team of insurance experts put together this guide on what new homeowners need to know about mortgage insurance vs. home ...
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.