An insurance-policy provision that protects the rights of a mortgagee when the insured property is subject to a mortgage.
• Such a clause usu. provides that any insurance proceeds must be allocated between the named insured and the mortgagee “as their interests may appear.”
— Also termed mortgagee clause. See LOSS-PAYABLE CLAUSE; ATIMA. [Cases: Mortgages 201. C.J.S. Mortgages §§ 311–314.]
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