Glossary

A mortgagee is a financial institution that is the lender in a mortgage, holding a financial interest in the property.

A mortgagee clause is a property insurance provision granting special protection for the interest of a mortgagee (e.g., financial institution that has an interest in the property) named in the policy, in effect setting up a separate contract between the insurer and the mortgagee.

Mortgage impairment insurance is specialty property insurance for mortgage companies that provides coverage for the lender's interest in mortgaged property in the event of uninsured or underinsured damage to the property—typically, because the borrower has failed to maintain the required property insurance and name the lender as mortgagee.

Mortgage insurance refers to a life or health insurance policy intended to pay off the balance of a mortgage upon death or to meet payments on the mortgage in case of disability.

Mortgage redemption insurance refers to a monthly reducing (decreasing term) life and/or disability insurance policy purchased by a mortgage lender or title holder to repay the balance on a mortgage if the borrower dies or is disabled before full repayment of the mortgage.

A mortgagor is the borrower in a mortgage, either a homeowner or another entity.

Most favored venue wording is a provision found within some directors and officers (D&O), professional, and employment practices liability (EPL) policies stating that with respect to the insurability of punitive damages, the law of the jurisdiction most favorable to the insurability of punitive damages will apply, provided the jurisdiction meets one of the following criteria.

A motion is an application made to a court or judge for the purpose of obtaining a ruling or order directing some act to be done in favor of the applicant.

A motion in limine is a written motion that is usually made before the beginning of a jury trial for a protective order against prejudicial questions, statements, and evidence.

Motion practice is habitual application to the court for the purpose of obtaining a favorable ruling in lieu of informally reaching agreement between the parties.