loss payee insurance definition
Loss Payee. The person or company to whom an insurance company makes a payment should the insured event occur. For example, in a health insurance policy, the loss payee will likely be the policyholder if he/she becomes ill.In a life insurance policy, the loss payee is likely the policyholder's survivors.oss Payee. The person or company to whom an insurance company makes a payment should the insured event occur. For example, in a health insurance policy, the loss payee will likely be the policyholder if he/she becomes ill.