Mortgagee Clause


Definition of "Mortgagee clause"

Attachment to a property insurance policy to protect the interest of the mortgagee in the mortgaged property. If the property is damaged or destroyed, the mortgagee is indemnified up to his or her stated interest in the property.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Land Value Map

Map delineating property values over a designated area. Land value maps are usually developed by a g ...

Livestock Mortality (life) Insurance

Coverage that provides a death benefit to the owner of a policy in the event of the death of insured ...

Principle Of Substitution

Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent ...

Funding Standard Account

Approach in pension plan funding under which a separate account is maintained for comparing actual c ...

Aam

Same as term Associate in Automation Management: professional designation earned after the successfu ...

Contingent Vesting

Right to property depends on some occurrence. ...

Related Real Estate FAQ

What Is A Gated Community?

A gated community is a community of homes where you must pass through a security gate in order to en ...

What Is A Title Search?

A title search is the process of reviewing court records and other records to ensure that there are ...

What Are Prepayment Penalties?

A penalty fee charged for paying off a mortgage early, thus allowing banks to still make money off o ...

What Is A Subdivision?

A subdivision is a piece of land divided into several plots in which homes are built. ...

What Is A Debt-to-income Ratio?

A debt-to-income ratio is the percentage of a persons monthly earnings used to pay off all debt obli ...

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

6 Reasons you are not selling properties Getting Ready to Sell? Don't make these DIY Mistakes! Mortgage Loan Types What is the Best Time of Year to Buy a Home? How To Choose A Realtor

FAQ

What is comprehensive homeowners insurance? What is a spec house? What is a negative amortization? What is homeowners insurance? What is accession?