A clause found in a direct damage policy taken on a mortgaged property. This clause specifies that reimbursement for any loss will be paid to the mortgagee, and that the mortgagee's right to recovery will not be overcome by the insured's negligence.
Related information about mortgage clause:
- What is mortgage clause? definition and meaning
Definition of mortgage clause: Provision in an insurance policy (usually included through an attachment) that makes an insurance claim jointly payable to a ...
- Mortgage clause - Merriam-Webster Online
a clause endorsed on a mortgagor's insurance policy whereby the insurance company agrees to protect the mortgagee's interest regardless of any violation of ...
- standard mortgage clause - Financial Dictionary - The Free Dictionary
A clause in a fire and casualty insurance policy providing additional coverage for the mortgage lender and also providing that the lender's rights to recover ...
- Property Insurance Mortgage clause - Forms
Position 7. FORM APPROVED. OMB No. 0575-0087. PROPERTY INSURANCE MORTGAGE CLAUSE. (WITHOUT CONTRIBUTION). Loss or damage, if any.
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Mortgage Clause Change. 026. Used to notify State Farm the ...
- Commercial Mortgage Clause - Kentucky Farm Bureau
Commercial Mortgage Clause. This clause applies to commercial policies only and applies only to the mortgagee which is specifically listed on the Declarations.
- Mortgagee's Rights & Obligations Under Insurance Policies with a ...
The “standard mortgage clause” protects the mortgagee from any acts or ... A standard mortgage clause provides the mortgagee with the right to recover from a ...
- Standard Mortgage Clause Law & Legal Definition
Standard mortgage clause is a clause in an insurance policy that protects the interest of the lender to recover the proceeds even if the borrower is at fault.