If your is leased, the beneficiary on the insurance should be the bank or whoever you leased it from. The insurance company will deal directly with them and paid them. Unfortunately your lease payment is deemed to be rent paid for usage. Here is an article on the subject.
There may also be a settlement if the payout is less than the residual value depending on your lease agreement.
https://www.theglobeandmail.com/glob...ticle35005749/