A clause in insurance contracts that gives first right of recovery to the mortgagor of property that is covered.

This is the clause that is typically used for hazard insurance and flood insurance. For loans originated by the State Farm Bank® it will read: State Farm Bank, F.S.B., Its Successor and/or Assigns, P.O. Box 2583, Ft. Wayne, IN 46801-2583.

A clause that may be attached to an insurance policy stipulating that the lender will receive a portion of insurance proceeds sufficient to satisfy the unpaid amount of a loan in the event of a loss.

A provision attached to a property insurance policy. It states that loss shall be payable to the mortgagee as interest may appear, and that the mortgagee's right to recover shall not be affected by any act or omission of the insured.

Verbiage in the homeowners and title insurance policies which identifies the mortgage holder and it's successors and/or assigns.

A clause within a hazard insurance policy naming the mortgagee as a beneficiary of the policy.

A clause in an insurance policy that makes a claim jointly payable to the policyholder and the party that holds a mortgage on the property.