Business and Personal Finance Dictionary

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• 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 insured real property. The term mortgagee clause may be used to refer to all such insurance policy stipulations. However mortgagee clauses are technically not as broad as a similar insurance policy stipulation called a standard mortgagee clause. See standard mortgagee clause.
  
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