Type your answer here... The motgage clause protects the mortgage holder even if insured breaches a condition of the policy e.g. insured not covered due to vacancy clause - mortgage holder will still be able to claim - by comparison, a loss payee would be out of luck - the only requirement on the insurer would be to include the loss payee on cheuqes resulting from the loss.
The mortgage clause for JP Chase Bank offers mortgage name and address listed as loss payee under the mortgagee clause.
payee is the person who is to be paid payor is who pays to the payee
In order to preserve the interest of the Lender, a lost payee clause is added onto the insurance policy. This indicates the list of people who are interested in the property but are not policy holders. This is similar to the mortgage payee clause between the owner and the buyer.
The payer is the person that is paying a sum of money to the payee. The payer signs the check and the payee is the person who cashes the check.
puts their name as a payee on the claim settlement check
A loss payee clause is a statement. This is added onto your auto finance loan to cover interests with the bank.
They both mean the same
No,, Under the loss payee clause the Note holder is declared. The note or lien holder always holds first position for renumeration. It does not effect a lapsed policy.
The loss payee clause is part of the contract that states that of payment is made under the policy in relation to the insured risk, payment will be made to a third party. The payment will not go to the insured beneficiary of the policy.
payee is a person on whose life expectancy the insurance poilicy is issued. beneficiary is a person who receives the death benefits if the insured dies
A loss payee has to be added to an insurance policy when one uses collateral, such as a house or car. The payee is required to provide collateral and agree to carry insurance on the secured property.
Probably. I assume you mean a payment for a claim for damage. You need to contact your second mortgagee and confer with them about this issue. The reason for putting the mortgagee on the check is to be sure that the repairs are done in order to protect them by keeping the collateral in good repair.