Massachusetts General Laws ch. 175 sec. 95A – Requirement of fire insurance policy exceeding amount of outstanding mortgage prohibited
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Section 95A. No company, and no officer or agent thereof, and no insurance broker shall require an owner of residential property occupied by the insured to continue or renew a fire insurance policy on said property which exceeds the amount of the outstanding mortgage thereon.
Terms Used In Massachusetts General Laws ch. 175 sec. 95A
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.