FOREMOST CORP OF AMERICA
SC 13G/A, 1998-02-04
FIRE, MARINE & CASUALTY INSURANCE
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<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549

                                  Schedule 13G

                   Under the Securities Exchange Act of 1934
                              (Amendment No. 10)*

                        Foremost Corporation of America
                                  Common Stock
                                   345469100





Check the following box if a fee is being paid with their statement[_] . (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See rule 13d-7.)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of their cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes.)

<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 345469100                                      PAGE 2 OF 4 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                                                                                
      First Chicago NBD Corporation   38-1984850* 
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [X]
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4                                 
      Delaware
- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5                                                       
     NUMBER OF            
                          465,014 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6       
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7       
    REPORTING             77,019
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8       
                          389,659
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9                           
                          485,562
- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10           
                                                                    [_]
 ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11           
                          5.3
- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12           
      HC CO   
- ------------------------------------------------------------------------------
*Unless otherwise disclosed herein, all holdings of the Reporting Person are
 indirect through one or more subsidiaries.

                     *SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
 
                                                        Page 3 of 4
SEC 13G

SECURITIES AND EXCHANGE COMMISSION

SCHEDULE 13G Amendment No.10

Item 1(a)    Name of Issuer:
             Foremost Corporation of America
             
Item 1(b)    Address of Issuer's Principal Executive Offices:
             5800 Foremost Dr. S. E.
             Grand Rapids, MI  49412
             
Item 2(a)    Name of Person filing:
             First Chicago NBD Corporation. ("FCN")
             
Item 2(b)    Address of Principal Business Offices:
             One First National Plaza
             Chicago, Illinois   60670
             
Item 2(c)    Citizenship
             Delaware
             
Item 2(d)    Title of Class of Securities:
             Common Stock
             
Item 2(e)    CUSIP No.:
             345469100
             
Item 3       Type of Person Filing:
             (g) FCN is a Parent Holding Company in accordance with
             240.13d-1(b)(ii)(g).
             
Item 4       Ownership:
             The shares listed below were held in a fiduciary capacity by one
             or more subsidiaries of First Chicago NBD Corporation as of
             December 31, 1997
             A.) Amount Beneficially owned:  485,562
             B.) Percent of Class:  5.3
             C.) Number of shares to which the subject Holding company has:
                   1.) Sole power to vote or direct the vote:  465,014
                   2.) Shared power to vote or to direct the vote:  -0-
                   3.) Sole power to dispose or to direct the 
                       disposition of: 77,019
                   4.) Shares power to dispose or to direct the 
                       disposition of:  389,659
<PAGE>
 

                                                                     Page 4 of 4
           
           
Item 5       Ownership of 5 percent or less of a Class:
             Not Applicable
           
Item 6       Ownership of More than 5 percent on Behalf of Another Person:
             Not Applicable
           
Item 7       Identification and Classification of the Subsidiary which Acquired
             the Security being Reported on By the Parent Holding Company: 
             See Item 3
           
Item 8       Identification and Classification of Members of the Group:
             Not Applicable
           
Item 9       Notice of Dissolution of Group:  Not Applicable
           
Item 10      Certification: By signing below I certify that to the best of my
             knowledge and belief, the securities referred above were acquired
             in the ordinary course of business and were not acquired for the
             purpose of and do not have the effect of changing or influencing
             the control of the issuer of such securities and were not acquired
             in connection with or as a participant in any transaction having
             such purpose of effect.
           
             Signature: After reasonable inquiry and to the best of my knowledge
             and belief, I certify that the information set forth in this
             statement is true, complete and correct.
           
Dated:       January 30, 1998

                                    /s/ Daniel T. Lis
                                    -------------------
                                    Daniel T. Lis
                                    Assistant Secretary
                                    First Chicago NBD Corporation
                                    (313) 225-3154


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