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. A form of property insurance.
Insurance Encyclopedia
Forced sale of cargo
Sale of cargo to obtain funds needed to prosecute the voyage for the common good. Any loss is admitted as a general average sacrifice. However, this only applies when cargo can be forwarded in no other way and is preferable to remaining on board until the voyage can be completed.
Forcible and violent entry
Theft insurance wording to distinguish theft involving an ‘attack’ on the premises from theft without such an attack. The insurer generally covers theft following upon forcible and violent entry or followed by forcible or violent exit’. The words eliminate shoplifting or entry via an open door. The word ‘violence’ is used in its ordinary sense, meaning that an entry, where force might otherwise have been minimal, should be by a physical act characterised as violent. See FULL THEFT COVER.
Forcible and Violent Means
Term used in Burglary insurance when cover is given only for theft following on entry for forcible and violent means, thus, excluding losses following entry gained by a trick, by the use of a key, or by entering through an unlocked door or window.
Forcible Entry and Detainer
The name of an action for the prompt recovery of the possession of real property in certain cases.
Forecast mortality table
A mortality table that takes account of anticipated changes in mortality. It indicates expected future mortality.
Foreclosure
The forced transfer of property ownership by order of Court as a means of satisfaction of an unpaid obligation such as a mortgage or property taxes that are unpaid.
Foreign carrier
Insurance company domiciled in another state or, in some states, an insurance company domiciled in a foreign country.
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A carrier domiciled in another country.
foreign company
Insurance company organized or incorporated doing business under the laws of some other state of the United States, such as a company organized under the laws of New York doing business in Missouri. This corporation is a foreign company in Missouri. Technically, an insurance company chartered in a foreign country is called an alien company , whereas a company chartered in another state than that in which it is doing business is referred to as a foreign company .
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Term used in the U.S.A. to describe an Insurance Company established in one U.S. State when it is operating in another.
foreign corporation
Insurance company incorporated under the laws of another state other than the one where it does business. A bank chartered in Pennsylvania but owning a loan production office in California is a foreign corporation in California. Also called out-of-state corporation . See also foreign company .