mortgage clause
mortgage clause n: a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause

Merriam-Webster’s Dictionary of Law. . 1996.

Look at other dictionaries:

  • 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

  • mortgage clause — Same as mortgagee clause …   Ballentine's law dictionary

  • mortgage clause — Provision in fire insurance policies protecting the mortgagee as his interest may appear …   Black's law dictionary

  • open mortgage clause — n: a mortgage clause which provides that payments go first to the mortgagee to the extent of its interest and which makes the mortgagee s right to receive payment dependent on the mortgagor s right to recover under the policy – called also simple …   Law dictionary

  • standard mortgage clause — n: a mortgage clause that is usu. considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or… …   Law dictionary

  • simple mortgage clause — n: open mortgage clause Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • union mortgage clause — n: standard mortgage clause Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • union mortgage clause — A clause, as in a fire policy (together with the rider making the loss, if any, payable to the mortgagee), which provides that if the policy is made payable to a mortgagee of the insured real estate, no act or default of any person other than… …   Black's law dictionary

  • open mortgage clause — See union mortgage clause …   Black's law dictionary

  • open mortgage clause — Same as simple loss payable clause …   Ballentine's law dictionary

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