In property Insurance, an instrument which an Insurer issues to its insured when paying a loss for which a third party may be legally liable. Under this instrument, the Insurer lends to the insured, rather than paying the insured outright, the Insurer lends to the insured, rather than paying to the insured outright, the money needed to restore the damaged property. The Insurer agrees to cancel the loan to the extent that the amount of the loss cannot be recovered from the third party. Loan receipts have been used to circumvent stipulations in bills of lading and other contracts through which shippers and others have sought indirect protection under Insurance purchased by owners of damaged property.