open mortgage clause

A mortgage clause that does not protect the mortgagee if the insured mortgagor does something to invalidate the policy (such as committing fraud).

• This type of clause has been largely superseded by the mortgage-loss clause, which affords the mortgagee more protection.

— Also termed simple mortgage clause. Cf. MORTGAGE-LOSS CLAUSE.

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词条贡献者

译者Rowland，毕业于世界顶级翻译学院，擅长翻译各种与商业地产买卖相关的法律文件。