loss payee

Definition

The person designated on an insurance policy as the one to be paid in case the property is damaged or destroyed. A secured lender often requires a borrower to carry adequate insurance on property used as security, and requires the borrower to name the lender as the loss payee.

Use loss payee in a sentence

The group of people in that incurance meeting are part of that loss payee, and they are talking about the problen they have at hand.

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Citibank holds the title to my car making them my loss payee; as such, they received the insurance settlement when my car was totaled.

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Due to the fire, the insurance check was written out to the loss payee. It first had to be signed off on before the mortgage company could deposit it as well.

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