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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.
It’s also important to note that medical payments coverage typically carries a much smaller limit than liability coverage — usually $1,000 to $5,000 for medical payments compared to $100,000 ...
It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the ...
What is additional interest vs. additional insured? The short answer is that additional interests and additional insureds are parties that can be added to a single insurance policy.
The usual reasons for including other parties as additional insureds is due to the close relationship or legal requirements between the original named insured and the additional insured. In most cases it is beneficial for a party to be covered as an additional insured on the policies of other parties because this will reduce the loss history of ...
Losing the ability to keep up with your mortgage payments due to a job loss, illness or other misfortune can put you into foreclosure on your mortgage. If that has happened to you -- or you are ...
Additional methods for estimating seismic losses were developed in the 1980s (ATC-13) and continue to be developed and refined today. Along the way, the term probable maximum loss (or PML) came into use, but had many different definitions based on the risk tolerance of various lenders and owners.
Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...