Common use of Loss Payable Provisions Clause in Contracts

Loss Payable Provisions. a. It is agreed that at our option, we may pay for repairs to the damaged car, or, in the event of a total loss, pay for damage to the car listed in this policy, such payment to be paid as interest may appear to the named insured and the lienholder shown on the Declarations Page. (1) When we provide payment to the lienholder following a total loss, the payment will be the lowest of the actual cash value of your insured car or the existing loan balance, whichever is less. (2) Any change in title or ownership of the car, or error in its description shall not void coverage afforded to the lienholder. b. The policy does not insure you or any lienholder for damages due to: (1) conversion; (2) embezzlement; (3) secretion; (4) fraudulent acts; (5) material misrepresentation or omission; or (6) intentional damages by you, any listed driver or anyone acting under the direction of any of you. c. When a payment is made to the lienholder, we are entitled to all the rights of the lienholder to the extent of such payment. (1) The lienholder shall do whatever is necessary to secure such rights. (2) No subrogation shall impair the right of the lienholder to recover the full amount of its claim. d. We reserve the right to cancel this policy at any time as provided by its terms. (1) In case of cancellation or lapse we will give notice to the lienholder as required under the law. SAMPLE POLICY (2) Cancellation will terminate the policy and this agreement as to any interest of the lienholder.

Loss Payable Provisions. a. It is agreed that at our option, we may pay for repairs to the damaged car, or, in the event of a total loss, pay for damage to the car listed in this policy, such payment to be paid as interest may appear to the named insured and the lienholder shown on the Declarations Page. (1) When we provide payment to the lienholder following a total loss, the payment will be the lowest of the actual cash value of your insured car or the existing loan balance, whichever is less. (2) Any change in title or ownership of the car, or error in its description shall not void coverage afforded to the lienholder. b. The policy does not insure you or any lienholder for damages due to: (1) conversion; (2) embezzlement; (3) secretion; (4) fraudulent acts; (5) material misrepresentation or omission; or (6) intentional damages by you, any listed driver or anyone acting under the direction of any of you. c. When a payment is made to the lienholder, we are entitled to all the rights of the lienholder to the extent of such payment. (1) The lienholder shall do whatever is necessary to secure such rights. (2) No subrogation shall impair the right of the lienholder to recover the full amount of its claim. d. We reserve the right to cancel this policy at any time as provided by its terms. (1) In case of cancellation or lapse we will give notice to the lienholder as required under the law. SAMPLE POLICY. (2) Cancellation will terminate the policy and this agreement as to any interest of the lienholder.

Loss Payable Provisions. a. It is agreed that at our option, we may pay for repairs to the damaged car, or, in the event of a total loss, pay for damage to the car listed in this policy, such payment to be paid as interest may appear to the named insured and the lienholder shown on the Declarations Page. (1) When we provide payment to the lienholder following a total loss, the payment will be the lowest of the actual cash value of your insured car or the existing loan balance, whichever is less. (2) Any change in title or ownership of the car, or error in its description shall not void coverage afforded to the lienholder. b. The policy does not insure you or any lienholder for damages due to: (1) conversion; (2) embezzlement; (3) secretion; (4) fraudulent acts; (5) material misrepresentation or omission; or (6) intentional damages by you, any listed driver or anyone acting under the direction of any of you. c. When a payment is made to the lienholder, we are entitled to all the The Company named on the Declarations Page has caused this policy to be signed by the officers shown below. rights of the lienholder to the extent of such payment. (1) The lienholder shall do whatever is necessary to secure such rights. (2) No subrogation shall impair the right of the lienholder to recover the full amount of its claim.. SAMPLE POLICY d. We reserve the right to cancel this policy at any time as provided by its terms. (1) In case of cancellation or lapse we will give notice to the lienholder as required under the law. SAMPLE POLICY. (2) Cancellation will terminate the policy and this agreement as to any interest of the lienholder.

Loss Payable Provisions. a. It is agreed that at our option, we may pay for repairs to the damaged car, or, in the event of a total loss, pay for damage to the car listed in this policy, such payment to be paid as interest may appear to the named insured and the lienholder shown on the Declarations Page. (1) When we provide payment to the lienholder following a total loss, the payment will be the lowest of the actual cash value of your insured car or the existing loan balance, whichever is less. (2) Any change in title or ownership of the car, or error in its description shall not void coverage afforded to the lienholder. b. The policy does not insure you or any lienholder for damages due to: (1) conversion; (2) embezzlement; (3) secretion; (4) fraudulent acts; (5) material misrepresentation or omission; or (6) intentional damages by you, any listed driver or anyone acting under the direction of any of you. c. When a payment is made to the lienholder, we are entitled to all the rights of the lienholder to the extent of such payment. (1) The lienholder shall do whatever is necessary to secure such rights. (2) No subrogation shall impair the right of the lienholder to recover the full amount of its claim. d. ci. We reserve the right to cancel this policy at any time as provided by its terms. (1) In case of cancellation or lapse we will give notice to the lienholder as required under the law. SAMPLE POLICY (2) Cancellation will terminate the policy and this agreement as to any interest of the lienholder.the

Loss Payable Provisions. a. It is agreed that at our option, we may pay for repairs to the damaged car, or, in the event of a total loss, pay for damage to the car listed in this policy, such payment to be paid as interest may appear to the named insured and the lienholder shown on the Declarations Page. (1) When we provide payment to the lienholder following a total loss, the payment will be the lowest of the actual cash value of your insured car or the existing loan balance, whichever is less. (2) Any change in title or ownership of the car, or error in its description shall not void coverage afforded to the lienholder. b. The policy does not insure you or any lienholder for damages due to: (1) conversion; (2) embezzlement; (3) secretion; (4) fraudulent acts; (5) material misrepresentation or omission; or (6) intentional damages by you, any listed driver or anyone acting under the direction of any of you.. However, if any of the referenced actions are determined to have been intentionally committed by the owner of your car, the lienholder's interest will not be invalidated. SAMPLE POLICY c. When a payment is made to the lienholder, we are entitled to all the rights of the lienholder to the extent of such payment. (1) The lienholder shall do whatever is necessary to secure such rights. (2) No subrogation shall impair the right of the lienholder to recover the full amount of its claim. d. We reserve the right to cancel this policy at any time as provided by its terms. (1) In case of cancellation or lapse we will give notice to the lienholder as required under the law. SAMPLE POLICY. (2) Cancellation will terminate the policy and this agreement as to any interest of the lienholder.

Loss Payable Provisions. a. It is agreed that at our option, we may pay for repairs to the damaged car, or, in the event of a total loss, pay for damage to the car listed in this policy, such payment to be paid as interest may appear to the named insured and the lienholder shown on the Declarations Page. (1) When we provide payment to the lienholder following a total loss, the payment will be the lowest of the actual cash value of your insured car or the existing loan balance, whichever is less. (2) Any change in title or ownership of the car, or error in its description shall not void coverage afforded to the lienholder. b. The policy does not insure you or any lienholder for damages due to: (1) conversion; (2) embezzlement; (3) secretion; (4) fraudulent acts; (5) material misrepresentation or omission; or (6) intentional damages by you, any listed driver or anyone acting under the direction of any of you.. SAMPLE POLICY c. When a payment is made to the lienholder, we are entitled to all the rights of the lienholder to the extent of such payment. (1) The lienholder shall do whatever is necessary to secure such rights. (2) No subrogation shall impair the right of the lienholder to recover the full amount of its claim. d. We reserve the right to cancel this policy at any time as provided by its terms. (1) In case of cancellation or lapse we will give notice to the lienholder as required under the law. SAMPLE POLICY. (2) Cancellation will terminate the policy and this agreement as to any interest of the lienholder.