A person named in an insurance policy who will receive the insurance proceeds if the property is damaged is the:

The term "loss payee" refers to an entity or individual designated in an insurance policy to receive the insurance proceeds when a covered loss occurs. In the context of property insurance, the loss payee is typically a lender or financial institution that has a financial interest in the insured property, ensuring that they receive compensation for their stake if the property is damaged.

The designation as a loss payee is important because it grants that individual or entity rights to the insurance proceeds, aligning with their financial interests. This ensures that the loss payee can recover losses related to the property, thereby protecting their investment. In the event of damage or loss, the insurance company will directly pay the loss payee as outlined in the policy.

Other terms mentioned do not have the same specific meaning within insurance contexts. While a homeowner is the property owner and an additional insured may refer to someone covered under a policy, neither directly specifies the relationship regarding insurance proceeds linked to a loss event. Thus, identifying the correct term as "loss payee" clearly aligns with the definition of the individual entitled to receive the insurance proceeds.