I have a bank hounding me for the latter and all I can find is the former. Literally, the title on the endorsement says Payable, everything else on the document says Loss Payee. If you've ever worked with a bank processing department before, you understand it can be like talking to a wall.
I am certainly aware of the distinction when adding "Lenders" to the phrase; it essentially eliminates the "intentional acts" exclusions from the policy so the bank can still be made whole.
However, I do not know the difference between Payable and Payee here. Is there a difference of which I am not aware?
I am using ISO 12 18 (Loss Payable Provisions), if that helps.