Ballentine's law dictionary. Anderson, W.S.. 1998.
standard mortgagee clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is real property. Includes personal property that is insured as contents of the… … Financial and business terms
standard mortgage clause — n: a mortgage clause that is usu. considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or… … Law dictionary
mortgagee clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is real property. Includes personal property that is insured as contents of the… … Financial and business terms
New York mortgagee clause — See standard mortgagee clause … Financial and business terms
standard — Stability, general recognition, and conformity to established practice. Standard Accident Ins. Co. v. Standard Surety & Casualty Co., D.C.N.Y., 53 F.2d 119, 120. A type, model, or combination of elements accepted as correct or perfect. A measure… … Black's law dictionary
lender's loss payable clause — A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is personal property. This is the personal property version of the standard… … Financial and business terms
mortgage clause — n: a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause Merriam Webster’s Dictionary of Law. Merriam… … Law dictionary
Loss payee clause — A loss payee clause (or loss payable clause) is a clause in a contract of insurance which provides that in the event of payment being made under the policy in relation to the insured risk, payment will be made to a third party rather than to the… … Wikipedia
insured — Ordinarily, synonymous with assured. 29 Am J Rev ed Ins § 239. The person in whose favor a contract of insurance is operative and who is indemnified against, or is to receive a certain sum upon, the happening of a specified contingency or event.… … Ballentine's law dictionary
Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… … Wikipedia
