Payee - Insurance Software development

Loss Payee and Lender’s Loss Payable Additional Interest in Insurance

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Introduction to Payee and Payable Interest in Insurance

When a lender makes a loan secured by personal property, the lender receives its interest in the collateral under the applicable law of the state in which the lender lives. To further protect the value of the security supporting its loan, the lender also requires proof of insurance and occupies an endorsement on the borrower’s insurance policy. When a lender gets an endorsement as a “loss payee” as compared to a “lender’s loss payee”, it makes all the difference if the insured borrower’s policy is for some […]

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