Torrens System
Means of land title registration used in some states that in effect, provides a government sponsored form of title insurance. Under this system, a government official, such as county recorder or county clerk, maintains Torrens System deed records and guarantees clear title when property is transferred. Fees charged for registration and transfer of title are used in part to finance a Torrens insurance fund in each jurisdiction to compensate claimants for damages resulting from errors.
Popular Insurance Terms
Length of time in life and health insurance in which an employee can apply for and pay the first premium without having to show evidence of insurability (take a physical examination). The ...
Policy permitting an insured to choose desired coverages. These policies are important for items with relatively low limits of coverage under standard property insurance forms. For example, ...
method of gaining illegal entry to perform a criminal act. If a policyholder makes a claim for loss of jewelry or rugs under a homeowners policy, or if a business owner makes a claim for ...
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Insurance policy that differs from the standard form. ...
Amount set up as a cushion against fluctuations in securities prices. ...
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