mortgagee clause

A clause in a policy of insurance covering property which provides for the payment of the proceeds of the policy in the event of a loss to the mortgagee under a mortgage on the insured premises, to the extent of the amount of the mortgage. 29 Am J Rev ed Ins § 728.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • mortgagee clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is real property. Includes personal property that is insured as contents of the… …   Financial and business terms

  • mortgagee clause — noun see mortgage clause * * * Insurance. a clause attached to a fire insurance policy for protecting a mortgagee against loss or damage …   Useful english dictionary

  • mortgagee clause — Insurance. a clause attached to a fire insurance policy for protecting a mortgagee against loss or damage. * * * …   Universalium

  • mortgagee clause — /mɔgəˈdʒi klɔz/ (say mawguh jee klawz) noun a clause attached to a fire insurance policy, designed to protect the mortgagee against loss or damage …   Australian English dictionary

  • standard mortgagee clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is real property. Includes personal property that is insured as contents of the… …   Financial and business terms

  • New York mortgagee clause — See standard mortgagee clause …   Financial and business terms

  • standard mortgagee clause — A loss payable clause for the protection of the interest of a mortgagee of the insured property, in a form prescribed by statute. 29 Am J Rev ed Ins. § 731. See union mortgage clause …   Ballentine's law dictionary

  • mortgagee — the organisation or person to whom the property is mortgaged. In the case of a bank loan, the organisation is usually the bank. Glossary of Business Terms A secured party to whom insurance proceeds are paid as stipulated in a mortgagee payee… …   Financial and business terms

  • mortgage clause — noun or mortgagee clause : 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 the policy terms by the mortgagor …   Useful english dictionary

  • lender's loss payable clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is personal property. This is the personal property version of the standard… …   Financial and business terms

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