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1. In the context of insurance, the term "mortgagor" refers to the party responsible for taking out an insurance policy to protect their interest in a property. This individual or entity seeks insurance coverage to safeguard their financial stake in the property.
2. The "Standard Mortgage Clause" is a commonly included provision in insurance policies. Its purpose is to delineate the roles and responsibilities of the insurer, the insured, and the mortgagee (the financial institution holding the mortgage on the insured property). This clause is primarily intended to safeguard the interests of the mortgagee in the event of a covered loss to the insured property. It outlines the insurer's rights, the obligations of the mortgagee, and the rights granted to the mortgagee in connection with the insurance policy. This may encompass specifics about payment in case of a covered loss and notifications in situations of policy cancellation or non-renewal. Notably, the "Standard Mortgage Clause" does not define the insurance coverage itself, as such details are typically provided in the main body of the insurance policy.
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