Financial interest clause FINC

{
  "id": "MLC-T-INS-001507",
  "term": "Financial interest clause FINC",
  "field": "Insurance and risk management",
  "definition": "A provision in an insurance policy that specifies coverage for the financial interest of a party, even if that party does not own the insured property. It protects against loss or damage to property where the insured has a monetary stake, such as a lender with a mortgage on a building. This clause clarifies the extent of indemnification based on the financial stake rather than legal title.",
  "url": "https://mlchart.com/terminology/insurance/financial-interest-clause-finc/"
}