Definition of Terms
A title insurance policy insuring a lender against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage.
A title insurance policy insuring an owner of real estate against loss occasioned by defects or unmarketability of the owner’s title.
A reduced rate of title insurance premium where the owner of the land has been previously insured by an Owner’s Policy by the insurer within a certain time.
An Owner’s Policy and a Lender’s Policy issued by a title insurer on the same interest at the same time. Note: Lender’s Policy amount not to exceed Owner’s Policy amount, without incurring additional fees.
Title Insurance Commitment:
Issued by a title insurance company and contains the conditions under which a title insurance policy will be issued.
Title Insurance Policy:
A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.
An insurance company that issues insurance policies.