what is a loss payee 
the loss payee is the party to whom the claim from a loss is to be paid a loss payee can mean several different things in the insurance industry the insured or the party entitled to payment is the loss payee the insured can expect reimbursement from the insurance carrier in the event of a loss a loss payee clause in an insurance policy would specify that any loss covered by the insurer would be paid to a third party payee and not the primary beneficiary the loss payee could be a lender in the case of a lien on a car or home lessor property owner or any other party with an interest in the insured s property 1