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.

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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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