as interest may appear

A conventional interest in insurance policies intended to protect, not only the named insured, but a mortgagee, lienor, or other person to the extent of whatever interest such person may have in the insured property at the time of the loss. The phrase appears most often in loss payable or mortgagee clauses of fire insurance policies. 29 Am J Rev ed Ins § 435. A stipulation in an assignment of a life insurance policy that the policy is payable as the interest of the assignee may appear means the interest as of the date of the death of the insured, when the policy is to be paid. An assignment of life insurance policies as the assignee's interest in a certain company may appear includes the interest of the assignee as a creditor of such company, and the rights of the assignee are not affected by the bankruptcy of the company except as the amount of the indebtedness is reduced by dividends on the assignee's claim filed in the bankruptcy proceedings; nor are such rights affected by the bankruptcy of the company. 29 Am J Rev ed Ins § 682.