mortgage clause
- A section you may find in an insurance contract, such as a fire insurance agreement, that allows a named person who holds a mortgage over a property to be compensated for any harm or loss to the said property
- The homeowner's insurance policy contained a mortgage clause granting the bank compensation in case of any property damage.
- After the house fire, the bank was paid because of the mortgage clause in the homeowner's insurance policy.
- The mortgage clause in the insurance contract ensured the mortgage holder would be paid if property damage was to occur.
Provide Feedback
