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:

Defence

Legal arguments and evidence presented to counter a claim or accusation in a court of law.

Errors and Omissions

A type of professional liability insurance that protects companies and individuals against claims made by clients for inadequate work or negligent actions.

Strictly Liable

A legal principle where a party is held responsible for damages or loss, regardless of fault or intent.

Property Owner

An individual or entity that legally owns land, buildings, or both, holding rights to use, rent, sell, or manage the property as they see fit.