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15 Cards in this Set
- Front
- Back
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Which of the following does not apply to title insurance? Single premium policy Indemnification agreement Non-Casualty Product Property-Casual Product |
Property-Casual Product |
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Title insurance insures against: |
Future loss based on prior risk |
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Any defect, lien, or encumbrance on the title of record prior to Date of Policy is considered to be: |
Inherent in the Title |
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All of the following apply to Coinsurance: |
Separate-but-joining policies issued by two or more insurers Each insurer insures a percentage of risk On a claim, each insurer pays out based on its percentage of shared risk |
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The 2006 ALTA Endorsement which applies to condominiums is: |
ALTA 4.1-06 |
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The ___ Endorsement attaches to a loan policy where proceeds of the insured mortgage are used to fund improvements on the property, and where proceeds are paid out in draws. |
Construction Loan Update |
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Which of the following is NOT shown on Schedule A of the title commitment? -Names of proposed insureds and amounts to be insured -Name of existing Title holder -Exceptions from coverage -Legal description of the subject property |
Exceptions from coverage (but the rest are shown) |
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Under the ALTA 2006 form policy, "Amount of insurance" is defined as the amount of insurance stated in: |
Schedule A |
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Under the ALTA 2006 form policy, "Public Records" is defined as records established under state statutes at date of policy for the purpose of ___ relating to real property to purchasers for value and without knowledge. |
Imparting constructive notice of matters |
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Under the ALTA 2006 form policy, Condition No.2 "Continuation of Insurance" stipulates that coverage ___ in favor of any purchaser from the insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the insured. |
Shall NOT continue in force. |
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"the lack of priority of the lien of the insured mortgage upon the title over any other lien or encumbrance"is a ___ under the loan policy. |
Covered Risk |
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Under the loan policy, "Indebtedness" is defined as: |
Obligation secured by the insured mortgage |
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The name of the insured [lender] and the Amount of Insurance is shown on ___ of the loan policy. |
Schedule A |
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Standard Exception, such as taxes, assessments, restrictions, and easements are shown on ____ of the loan policy. |
Schedule B-I |
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Matters subordinate to the lien of the insured Mortgage are shown on the ___ of the loan policy. |
Schedule B-II |
