85 of 90 When is a mortgage clause us on a property? The insured lends money to a third party to property to their own policy. A mortgagee has a financial interest in the im protected under an insurance policy. The amount of insurance is insufficient to m mortgage. The mortgage holder wishes extra perils ins wording.
85 of 90 When is a mortgage clause us on a property? The insured lends money to a third party to property to their own policy. A mortgagee has a financial interest in the im protected under an insurance policy. The amount of insurance is insufficient to m mortgage. The mortgage holder wishes extra perils ins wording.
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Transcribed Image Text:85 of 90
50.30
When is a mortgage clause used in connection with insurance
on a property?
The insured lends money to a third party to build a house and adds the value of that
property to their own policy.
A mortgagee has a financial interest in the insured's property and wishes its interest
protected under an insurance policy.
The amount of insurance is insufficient to meet the amount owing under a
mortgage.
The mortgage holder wishes extra perils insured which are not included in the policy
wording.
Transcribed Image Text:Which one (1) of the following would NOT be considered a "fiduciary" with respect to the property of others?
CA) An insurance broker.
C8) A trust company.
C) An insurance company.
(D) An insurance adjuster.
Expert Solution
Step 1: 85) Define mortgage clause
Note: As per bartleby guidelines in case multiple questions are asked by the students then the expert is required to answer only first. Please repost other questions again.
A mortgage clause, also known as a "loss payee" or "mortgagee clause," is a section in an insurance policy that outlines a mortgagee's (usually a financial institution or lender) rights and interests in the insured property. This clause safeguards the mortgagee's financial interest in the property by naming them as a beneficiary on the insurance policy.
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