Definitions for "MORTGAGE CLAUSE"
Attachment to a property insurance policy to protect the interest of the mortgage holder in the mortgaged property. The mortgage holder is indemnified up to the stated interest in the property if the property is damaged or destroyed.
A clause in an insurance policy that makes a claim jointly payable to the policyholder and the party that holds a mortgage on the property.
a policy condition providing protection in certain circumstances to the mortgagee in the event that the insured fails to comply with policy conditions. BACK TO THE TOP