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Simple English definitions for legal terms

simple mortgage clause

Read a random definition: almoin

A quick definition of simple mortgage clause:

A simple mortgage clause is a part of an insurance policy that protects the rights of a lender when the property being insured is subject to a mortgage. This clause usually states that any insurance payouts must be divided between the borrower and the lender based on their interests. It is also known as a mortgagee clause and is different from an open mortgage clause, which does not protect the lender if the borrower invalidates the policy.

A more thorough explanation:

A simple mortgage clause is a provision in an insurance policy that protects the rights of a mortgagee when the insured property is subject to a mortgage. It ensures that any insurance proceeds are allocated between the named insured and the mortgagee "as their interests may appear."

For example, if a homeowner has a mortgage on their property and the property is damaged in a fire, the insurance company will pay out the insurance proceeds to both the homeowner and the mortgagee. The amount each party receives will depend on their respective interests in the property.

A simple mortgage clause differs from an open mortgage clause, which does not protect the mortgagee if the insured mortgagor does something to invalidate the policy, such as committing fraud. A standard mortgage clause, on the other hand, protects the mortgagee's interest even if the insured mortgagor does something to invalidate the policy.

Overall, a simple mortgage clause is an important provision in an insurance policy that helps protect the interests of both the homeowner and the mortgagee.

simple majority | simple negligence

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15:43
woah so much swagger with dat 'm;
Dkk
15:47
@shaquilleoatmeal: more like, blow my back out by the bay boston instead of back bay boston.
Dkk
15:48
Indeed, the legendary man himself.
15:49
I would go to blow my back out by the bay boston
15:50
lift with ur back not your legs, its better to have a blown back than two bad legs
CynicalOops
15:53
Blow and back day out by boston bay
15:59
so true
Dkk
16:03
Of course. Man sad Ricky Henderson died. That was my favorite athlete of all time.
windyMagician
16:10
is it dumb that I rlly want to go to Mich even tho I have a full ride to umn
16:12
no-value as a consumer often means more than the price
Dkk
16:15
@windyMagician: Nah michigan is better than UMN
Dkk
16:15
My sister just officially graduated, yay!
16:16
awesome @Dkks sister
16:16
prolly named veronica or sarah
windyMagician
16:16
@Dkk: for public defense tho?
windyMagician
16:16
Sarah in the bathroom
texaslawhopefully
16:17
@windyMagician: not at all. Michigan is also very generous with aid, so if you get enough it makes perfect sense to take it.
windyMagician
16:17
fuck okay
windyMagician
16:17
going to my dream school is crazy
michigan also has better options if you do PD for 10 years then want to do something else
windyMagician
16:19
also would love to clerk for my federal district court even tho I know its hella competitive, I think mich sets me up better?
16:20
would be a great point to bring up when ur deciding / visiting each place- see what recent placement looks like
texaslawhopefully
16:23
For fed clerkships by far Michigan places better. I think it’s like 14-15 percent
windyMagician
16:25
sticker debt is high-key scary tho
texaslawhopefully
16:26
I’m sure you’ll get good merit aid though. Look at Michigan’s 509 report. They’re very generous.
16:34
i am going to wait patiently into january to get into a law school
16:34
then i will start tweaking
texaslawhopefully
16:42
January could not come any sooner
16:54
i hope you guys all have a very lovely holiday season
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