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
Confirmation by an insurance company of the acts of its agent, regardless of whether or not these acts were committed within the limit of authority granted the agent by the company. By so ...
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New pension-accounting rule created by the Financial Accounting Standards Board. The objective of this rule is to clarify pension accounting so that investors, employers, and employees will ...
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