Forced Placed Insurance
Last Updated on January 20, 2022
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Property owners who took out a mortgage loan with JP Morgan Chase and had an insurance policy, such as hazard coverage, force-placed on them may have legal recourse. Allegedly, when some mortgage loan holders fail to maintain their hazard insurance coverage, JPMorgan Chase and Chase Bank will force-place a new policy, which costs more and provides less coverage, on the borrower. Furthermore, these policies, for which the bank allegedly received commissions, provide unnecessary or duplicate coverage as they are incorrectly backdated to recover premiums from a period of time when the borrower had no risk of loss, according to a JPMorgan force placed insurance lawsuit.
If you had an insurance policy force placed on you by JPMorgan Chase Bank NA or Chase Bank USA NA, you may have legal recourse.
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