[M093]

mortgage (or mortgagee) clause

Language attachable to an insurance policy covering mortgaged property which affords the mortgagee certain rights (e.g., that loss payments shall be payable to mortgagor and mortgagee as their interests may appear, that the mortgagee's right of recovery from the insurer shall not be adversely affected by any act or failure to act by the mortgagee, etc.).