What is Mortgagee clause?
Definition. The policy condition that protects your lender. Under the standard homeowners form, payments for the dwelling are made to the mortgagee and you as interests appear, which is why both names appear on the check. See the mortgage company on your insurance check.
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Related questions
- How does the appraisal clause in homeowners insurance work?
- How long does the appraisal clause process take?
- What does the appraisal clause in property insurance decide?
- What does the appraisal clause mean in insurance for a roof claim?
- What happens after the appraisal clause of a policy is invoked and in process?
More claim terms
Actual cash value (ACV) · Percentage deductible · Endorsement · Depreciation · Bad faith · Roof payment schedule · Peril · Ordinance or law coverage