Sentences with forced place insurance
forced place in·sur·ance
F f - Forced place insurance provides insurance coverage to protect the mortgage collateral against fire, flood, and other such property hazards.When a mortgage company takes out forced place insurance, the only thing they are concerned with is whether or not the property in which they have a financial interest is covered.Forced place insurance is insurance taken out by a bank or creditor on an uninsured debtor's behalf on a property that is being used as collateral.