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Glossary of Terms - M

Mobile Home Insurance

Coverage similar to a homeowners insurance policy in that Section I covers property and Section II covers liability.

Mortgage

A debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the repayment of a loan. The borrower has use of the property, and the lien is removed when the obligation is fully paid.

Mortgagee Clause

Attachment to a property insurance policy to protect the interest of the mortgage holder in the mortgaged property. The mortgage holder is indemnified up to the stated interest in the property if the property is damaged or destroyed.

Mutual Insurance Company

An insurance company owned by its policyholders. Mutual insurance company stock is not available for purchase on the stock exchange. Members are policy holders entitled to name the directors or trustees and to receive dividends or rebates on future premiums.

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