2 years ago
It is semantics only!!!!
Lenders Loss PAYABLE vs Lenders Loss PAYEE?
WHICH edition of the form are you using?If you can use the 06/95 version, it allows you to choose loss payable, or lenders loss payable, and ALSO lists a column for the "loss payee".
I think you might be using a 06/07 form, and as you know, it takes banks at least 15 years to catch up on updated form numbers.That old form will probably solve the problem here.
To answer the direct question . . . the loss PAYABLE is the clause in the policy that says "the insurance company will pay the lender".The loss PAYEE, is the specific name of the lender, that gets paid.
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