Loss Payable Clause

Concept of Loss Payable Clause in the context of Real Property

A short definition of Loss Payable Clause: A clause in a fire insurance policy, listing the priority of claims in the event of destruction of the property insured. Generally, a mortgagee or beneficiary under a deed of trust is the party appearing in the clause, being paid to the amount owing under the mortgage or deed of trust before the owner is paid.

Concept of Loss Payable Clause in the context of Real Property

A short definition of Loss Payable Clause: A clause in a fire insurance policy, listing the priority of claims in the event of destruction of the property insured. Generally, a mortgagee or beneficiary under a deed of trust is the party appearing in the clause, being paid to the amount owing under the mortgage or deed of trust before the owner is paid.