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?
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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