What is the Definition of Forced Place Insurance?

What is the Definition of Forced Place Insurance?

Insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Forced Place Insurance?

What is the Definition of Forced Place Insurance?

You can find random definition and meaning of insurance terms below:


Meaning of Point-Of-Service Plan in Insurance Terms

Health insurance policy that allows the employee to choose between in-network and out-of-network care each time medical treatment is needed.


Meaning of Policy in Insurance Terms

A written contract for insurance between an insurance company and a policyholder stating details of coverage.


Meaning of Policy Dividend Options in Insurance Terms

Ways in which the owner of a participating insurance policy may receive policy dividends. (See Additional term insurance option; Cash dividend option; Dividend accumulations option; Paid-up additional insurance option; Premium reduction option)


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