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You have to notify them and advise them of the error.
They will notify the mortgagee on the policy if something happens.
You may have to prove that you do not have a loan from the one listed and that will have to be by showing them a copy of your title.
I hope this makes sense and is of assistance. If there is nothing further have a merry christmas and a happy new year.
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Usually the agreement in your documentation with the lender that the insurer has the right to pay them.
By noting them on your policy you give the insurer the right to speak to the lender first and have the lender decide who gets the money.
You are best to have it amended.
I am following up my last response.
If there is anything else I can assist you with please let me know. If not have a Happy new year.