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
Total of the insurance company's mortgages whose interest has not been paid for at least three months. These are mortgages upon which the insurance company is in the process of foreclosing, ...
Coverage for an insured's liability for damage to another's property from leakage or overflow of water. Some liability policies specifically exclude water damage, including that caused by ...
Ruling that, under current tax law, an insurance company that has incurred a net income loss in a given year may charge that loss against its taxable income in a subsequent year. This ...
Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of ...
Organization of home service debit life insurance companies and combination companies. ...
Group of plans (to include section 401(k) plans and section 403(b) plans) that permit in-service withdrawals to fund a college education if a hardship exists. ...
Coverage under which the face value, premiums, and plan of insurance can be changed at the discretion of the policy owner in the following manner, without additional policies being issued: ...
Premium paid by an insured business to an insurance company from which the company subtracts charges for the cost of putting a policy on its books, premium taxes, and profit. The remainder ...
Coverage usually written as an endorsement to property policies such as the Standard Fire Policy. A loss must be by the intentional acts of vandals. This peril is of particular importance ...
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