Phrase commonly used in the loss payable section of an A written contract of insurance. where the An interest which the insured must have in the subject matter of the insurance he buys so that if the event insured against occurs, the insured will s... More in a property is either unknown or presently unascertainable, e.g., “Loss payable to A and B Phrase commonly used in the loss payable section of an insurance policy where the insurable interest in a property is either unknown or presently unas... More.” This leaves the whole question of The right to ownership of property. The owner of real property having just possession of his property. to the insurance monies to be settled between the The entity (individual or otherwise) whose risk of financial loss from an insured peril is protected by the insurance policy. and the person whose name appears in the loss payable portion of the Legally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals..