Betterment clause UK Mortgage definition

UK Insurance definition

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Betterment clause

In the context of property insurance, a Betterment clause reserves the right of the insurance company to reduce the amount paid in respect of a claim so that the claimant is no better or worse off. This is an application of the principle of indemnity.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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