What is the purpose of the 'mortgagee clause' in a homeowners or property policy?

A mortgagee clause protects the interest of the mortgage lender in property that secures a loan. Because the lender has a financial stake (insurable interest) in the property until the mortgage is paid off, the clause typically gives the mortgagee rights such as being named as a payee on claim checks for property damage, receiving notice if the policy is to be canceled or not renewed, and being able to protect its interest even if the borrower's own coverage is jeopardized by certain acts. This is why lenders require borrowers to carry property insurance and name the lender. Understanding the mortgagee clause's protective purpose is standard regulations/provisions content.