MORTGAGE CLAUSE
\mˈɔːɡɪd͡ʒ klˈɔːz], \mˈɔːɡɪdʒ klˈɔːz], \m_ˈɔː_ɡ_ɪ_dʒ k_l_ˈɔː_z]\
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Usually included as an attachment as a part of an insurance policy, this type of provision makes an insurance claim payable to both a policy holder, as the mortgagor, as well as the mortgagee. Or, it indemnifies a mortgagee up to the security interest amount stated.
By Henry Campbell Black
