What right does a mortgagee have regarding the insured property?

The correct option is that the mortgagee has the right to act like the insured by making claims. When a mortgagee is involved, typically a lender or bank holding a mortgage on a property, they have a vested interest in the property until the mortgage obligation is fully satisfied. In the event of a loss, such as damage to the property, the mortgagee can indeed file a claim on the insurance policy to ensure that the financial interest they have in the property is protected.

This right is crucial because the mortgagee wants to ensure that any insurance payout from a claim is used to repair or recover the value of the property, thus safeguarding their collateral. They are stakeholders in the insurance policy and can take steps to ensure their investment is protected.

Understanding this right also highlights the relationship between mortgagees and insured parties; while the mortgagee can file claims for losses, they do so to protect their financial interest rather than assuming the total rights of the insured party. This distinction reinforces the mortgagee's protective role in real estate transactions.