If your vehicle has a loan or is leased, the financial organization making the lease or loan requires that their organization be included as a loss payee under your policy. If you have an accident, their name goes on the check along with yours. When the loan is paid, you should notify your agent to remove the interest of the loss payee. In most cases, the financial organization does not notify the insurance company or agent.
> > The loan on my vehicle has been paid off. Why does the loss payee name still show on my policy?