Florida Insurance Claims Adjuster License Practice Exam

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What purpose does the mortgagee clause in a property insurance policy serve?

  1. Ensures property inspection

  2. Protects the lender's interests

  3. Limits the borrower's claim rights

  4. Determines the property value

The correct answer is: Protects the lender's interests

The mortgagee clause in a property insurance policy is used to protect the lender's interests in case of damage to the property. It allows the lender to receive compensation from the insurance company in the event of a loss, ensuring that their investment is protected. The other options are incorrect because A) property inspection is not directly related to the mortgagee clause, C) the borrower's claim rights are not limited by the mortgagee clause, and D) the value of the property is not determined by the mortgagee clause.

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