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The loss payee is any entity that has financial interest in the vehicle (usually a financial institution) that notifies the insurance company and the policy holder of that interest in writing. Any entity can be a loss payee, including your father, if he can show financial interest.

The loss payee is usually the finance company that holds title to your vehicle. In the event of significant damage to the vehicle the loss payee needs to sign off on the check from the insurance company for the damage. This usually happens after the damage has been repaired. In the event of a total loss the loss payee will be sent a check for the amount of the loan and anything left over will you to the insured. Hopefully you won't owe more than the car is worth in the event of a total loss.

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โˆ™ 2009-02-20 03:57:02
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Q: What does loss payee mean on a auto insurance policy?
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Related questions

What is Bank of America auto loan loss payee clause?

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.

What does loss payee means on a home insurance policy?

The loss payee is the person or entity who will be on the claims settlement check.

What is a loss payee?

Loss payee is a party to whom an insurance loss payment or insurance sattlement may be directly paid.

Is there a loss payee on malpractice policies?

A Loss payee on a Professional liability Malpractice Insurance Policy would be the injured party claiming loss or damages as a result of the actions or in-actions of the Named Insured Professional

If you total your car after your insurance is canceled will GAP insurance still protect you?

NO,, GAP Insurance is supposed to pay the difference between what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it's maximum. If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void. GAP coverage only pays in conjunction with your Auto Insurance Policy. No Auto Insurance! No Gap Payment

What is the loss payee clause for PNC Bank?

A loss payee clause is a statement. This is added onto your auto finance loan to cover interests with the bank.

How do you order loss runs on a commercial auto policy?

Contact you insurance agent and he can obtain the loss run from the insurance company. Some may be able to print out the loss runs themselves.

Can you add engine and transmission insurance to your car insurance?

No. What your wanting is provided under a "Auto Warranty Program". Your auto insurance policy is for accidental loss and damages, Not for maintenance and repairs.

Does gap insurance cover theft?

Yes, But only if there is a gap in the final loss payment by the underlying auto insurance policy. If there is no underlying Auto Insurance theft coverage then the Gap Policy is null and void and no coverage would ensue.

How do you remove a loss payable from auto insurance?

If your lien holder has changed or you have paid off your car. Just notify your insurer, you can send or fax them your payoff notice and they can remove the loss payee clause for you.

Just what exactly is auto insurance?

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

What is Bank of America's loss payee clause?

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.

Can you get insurance if your not the homeowner?

Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.

What is the address to send auto insurance policy on a Ford Lease?

All you need to do is to look on your lease contract and it will give you not only the address but more importantly how the insurance must be stated. Generally in the case of a lease you agree to keep certain high liability limits, certain deductibles, and to list the finance company as an additional insured as well as the loss payee on your auto insurance policy. If you don't carry it exactly as the contract states the least that will happen is that they will provide such insurance and you will be charged for it, and the most they can do is to repossess the vehicle and sue you for all costs, balances, etc.

Your Car caught Fire what will your insurance cover?

If you have Comprehensive Coverage on your Auto Insurance policy, you will be covered. They will either repair the vehicle or compensate you for the loss of the vehicle if it is not repairable.

Car parked in garage has a loss will it be covered under home owners or auto policy?

That depends on the nature of the loss. Contact your Insurance Agent and he will be able to advise you on coverage.

How do you say loss payee in Spanish?


Will full coverage car insurance cover electrical?

Physical Damage coverage on an auto policy covers all parts of the car that are damaged in a covered loss or covered accident. Maintenance issues are not covered on auto insurance.

Is there a Loss Payee on General Liability policies?

To my knowledge there are no loss payees on general liability policies as there is no property coverage on general liability. Loss payee is a term on a property policy used to indiciate that the loss payee listed would get paid in the event there was a property claim. Most frequently a mortgagee or lender asks to be loss payee. General liability policies have additional insured endorsements to extend coverage to third parties who you may be working with.

How does homeowners insurance protect the mortgagee in case of a loss?

puts their name as a payee on the claim settlement check

Do you have to reimburse health insurances for medical bills from automobile accident?

If you have coverage on your auto insurance policy that pays medical expenses to you or to the hospital, the answer is yes that you do have to reimburse your health care provider. The health insurance policy states that they will pay for expenses incurred in an auto accident over and above any coverage you may have on your auto insurance. You agreed to this in your policy by taking out the policy, so you have no choice. It is actually illegal for you to pocket money you received in duplicate payment for the same expenses, which is what this would be.

Does homeowners insurance cover a car stolen off your property?

No, Never. An auto theft would have to be covered by the vehicle owners comprehensive auto insurance policy. A homeowners Insurance policy is not liable for the theft of a vehicle. that's what Auto Insurance is for. If an Auto Owner chooses not to purchase a Comprehensive auto Insurance Policy then they assume the risk of a total loss in the event of a theft. The vehicle owner can not seek to shift liability to another person simply because it was on their property when the vehicle was stolen. If this were the case then every time a car is stolen from the parking lot of a store or shopping mall people would expect that business or property owner to pay for their loss.

What is the policy of Erie Insurance?

The policy of Erie insurance is that they believe that their policy protects you against financial loss if you have a car accident. As well as their being other tyoes of insurance but this is the one for car insurance.

What if loss payee is not added to a commercial auto policy?

It's just like you don't have insurance as far as your finance company is concerned. They will send you letters and if you don't take care of it they will have forced placed coverage added to your vehicle and the extremely high cost will be added to your finance account. You really need to get this matter fixed.

Under the loss payee clause is your home protected if theres a lapse in coverage?

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.

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