mortgagee clause

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 insured real property. The term mortgagee clause may be used to refer to all such insurance policy stipulations. However mortgagee clauses are technically not as broad as a similar insurance policy stipulation called a standard mortgagee clause.
See standard mortgagee clause. American Banker Glossary

Financial and business terms. 2012.

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Look at other dictionaries:

  • 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 …  

  • 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… …   Ballentine's law 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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