by tippy123 » Tue Dec 18, 2012 03:44 pm
if our car was totaled due to arson and was full covered! But the lein holder wasnt added by agent, who recieves the check for the damages, and by law can the insurance company actually right it out to a lein holder that isnt on the policy!
Posted: Tue Dec 18, 2012 03:56 pm Post Subject:
The lienholder is the LEGAL OWNER and has the LEGAL RIGHT to receive insurance proceeds in the event of a total loss, in order to ensure that its LEGAL RIGHT to be paid the full amount owed to it under a retail installment contract is enforced. It really does not matter that the lender is not named as an additional insured.
If you received the money from the insurance company, how likely would you be to pay the lender the balance owed for a vehicle that was totaled by arson?
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