( Insurance : Commercial insurance )
insurance1, insurance2, insurance3
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.
Collins English Dictionary. Copyright © HarperCollins Publishers