Force Placed Insurance Law and Legal Definition
Force placed insurance is the insurance taken out by a creditor for an uninsured debtor on a property placed as collateral. This refers to the hazard insurance purchased by servicer on borrower’s home or property when policy purchased directly by borrower on non-escrow mortgage account has lapsed, or when servicer contends that borrower has failed to provide proof of insurance coverage, or when account is in default. This is a general liability insurance for residential and commercial properties and foreclosed properties.
Legal Definition list
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accompanying the Armed Forces outside the United States
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
