MI Public Adjuster Practice Questions - Michigan Public Adjuster Exam

What is the 'standard mortgage clause' in a Michigan property policy?

A clause requiring the insured to pay off the mortgage A clause protecting the mortgage lender's interest in the property, ensuring the lender's coverage is not invalidated by the insured's actions and that claim proceeds are payable to both parties A clause requiring mortgage insurance A clause waiving the mortgage payment

Correct Answer:

A clause protecting the mortgage lender's interest in the property, ensuring the lender's coverage is not invalidated by the insured's actions and that claim proceeds are payable to both parties

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