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LEASEHOLD INSURANCE |
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The right to occupy a building set forth in a lease may be valuable and may be subject to loss if certain. |
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LESSEE |
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A tenant who has signed a lease. |
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LESSOR |
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A person who owns property and rents it to another under the terms of a contract called the “lease”. |
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LIABILITY INSURANCE |
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A form of insurance that protects from liability imposed by law for bodily or other personal injury or damage to property; legal liability normally results from negligent acts or omissions. |
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LOSS |
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In insurance it means the amount their insurer is required to pay because of a happening against which it has insured. A happening that causes the company to pay. Also refers to the overall financial result of some operation, as opposed to “profit”. |
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LOSS PAYABLE CLAUSE |
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A condition in a policy whereby the company is directed by the policyholder to pay any loss that may be due to some other person designated in the policy. Usually the payment is made by check or draft payable to the insured and the designated payee both. |
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