All of the Following Are Duties of the Mortgagee Under

question 26

Multiple Choice

All of the following are duties of the mortgagee under the standard mortgage clause EXCEPT

• A)to reimburse the insurer for any loss payments.
• B)to notify the insurer of any change in ownership of the property of which the mortgagee is aware.
• C)to provide a proof of loss form if the insured fails to do so.
• D)to pay the premium if the insured fails to do so.

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Definitions:

Consumer Transaction

A deal or agreement between a seller and a buyer for the purchase of goods or services for personal, family, or household use.

Exemption Clause

A contractual term that limits the liability of one of the parties under certain circumstances or for specific types of damages.

Fundamental Obligation

A basic or essential duty bound by law or contract that a party is required to perform.

Anticipatory Breach

A situation in contract law where it is indicated by one party ahead of time that they will not be fulfilling the contract terms.