OH Public Adjuster Practice Questions - Ohio Public Adjuster Exam

What is the purpose of the 'mortgagee clause' in a property insurance policy?

It allows the mortgage company to cancel the policy It protects the mortgage lender's interest in the insured property by naming them as a payee on claims It transfers the policy ownership to the bank It increases the premium to cover the mortgage balance

Correct Answer:

It protects the mortgage lender's interest in the insured property by naming them as a payee on claims

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