Which insurance concepts supports the loss payee arrangement

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Reference no: EM133921009

Problem

Steven and Sarah purchased a new house for $600,000. They paid $150,000 in cash as a down payment and secured a 30-year mortgage with Midtown Mortgage for the remaining $450,000. Their insurance agent advised them that Midtown Mortgage would be listed as a loss payee on their homeowners policy. Get the instant assignment help. Which insurance concepts supports this loss payee arrangement?

Reference no: EM133921009

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