Torrens System
Definition of "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
Amendment to a will that adds or modifies clauses in that will, such as adding an additional beneficiary or piece of property. ...
Addition to a personal automobile policy (pap) that covers an insured who is involved in a collision with a driver who does not have sufficient liability insurance to pay for the damages. ...
Additional coverage designed to provide protection against economic losses incurred by insured wage earners when their income is interrupted or terminated because of illness, sickness, or ...
Federal agency that regulates commerce across state lines. The ICC does not oversee insurance, which is subject to regulation by the states according to Public Law 15, McCarran-Ferguson ...
Circumstances that encourage the organization of pension plans by employers. For example, employer contributions are tax deductible as business expenses and not currently taxable income to ...
Table used in health insurance premium rate calculations that depicts the probability that a claim will continue by time and amount. ...
Organization of local life underwriter associations representing life and health insurance agents on practices of selling and servicing life and health insurance products. NALU sponsors ...
Mortality table used to calculate the legal reserve and life insurance policy cash surrender values. ...
Modification of split dollar life insurance policy in that the death benefit becomes payable upon the second death. This type of policy is ideal in those circumstances when estate taxes ...
Have a question or comment?
We're here to help.