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Mortgage clause
In insurance contracts, there exists a clause which grants the mortgagor of a property the first right of recovery. This essentially means that in the event of a claim, the mortgagor has priority over the insurer to receive compensation for damages or losses to the property. This clause is crucial in providing security and protection to the mortgagee, ensuring that they do not suffer financial loss in case of any unfortunate events. So, it is important for individuals to understand the concept of first right of recovery and its implications when entering into any insurance agreements.
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