Missouri Title Producer Exam Title Insurance Laws
And Regulations – Q’s And A’s
Premium tax Right Ans - A type of indirect tax levied on general insurance
premiums.
Cashiers Check Right Ans - A check drawn on a financial institution.
Certified funds Right Ans - A form of payment that is guaranteed to clear or
settle by the company certifying the funds.
Director Right Ans - The director of the department of insurance, financial
and professional regulation.
Financial institution Right Ans - A person or entity doing business under
the laws of this state or the United States relating to banks, trust companies,
and savings and loan associations, credit unions, commercial and consumer
finance companies, industrial loan companies, insurance companies, small
business investment corporations, a mortgage loan company or mortgage
banker.
Settlement Agent Right Ans - A person, corporation, partnership or other
business organization which accepts funds and documents as fiduciary for the
buyer, seller or lender for the purposes of closing a sale of an interest in real
estate located within the state of Missouri and is not a financial institution or
lawyer.
Closing/Settlement Fees Right Ans - The expenses, over and above the
price of the property that buyers and sellers normally incur to complete a real
estate transaction. Costs incurred include loan origination fees, discount
points, appraisal fees, title searches, title insurance, surveys, taxes, deed-
recording fees and credit report charges.
Title Insurance Premiums (Risk Rate Schedule) Right Ans - Rates for Title
Insurance that must be filed at least 30 days prior to effective date. Computed
per $100 of liability issued.
And Regulations – Q’s And A’s
Premium tax Right Ans - A type of indirect tax levied on general insurance
premiums.
Cashiers Check Right Ans - A check drawn on a financial institution.
Certified funds Right Ans - A form of payment that is guaranteed to clear or
settle by the company certifying the funds.
Director Right Ans - The director of the department of insurance, financial
and professional regulation.
Financial institution Right Ans - A person or entity doing business under
the laws of this state or the United States relating to banks, trust companies,
and savings and loan associations, credit unions, commercial and consumer
finance companies, industrial loan companies, insurance companies, small
business investment corporations, a mortgage loan company or mortgage
banker.
Settlement Agent Right Ans - A person, corporation, partnership or other
business organization which accepts funds and documents as fiduciary for the
buyer, seller or lender for the purposes of closing a sale of an interest in real
estate located within the state of Missouri and is not a financial institution or
lawyer.
Closing/Settlement Fees Right Ans - The expenses, over and above the
price of the property that buyers and sellers normally incur to complete a real
estate transaction. Costs incurred include loan origination fees, discount
points, appraisal fees, title searches, title insurance, surveys, taxes, deed-
recording fees and credit report charges.
Title Insurance Premiums (Risk Rate Schedule) Right Ans - Rates for Title
Insurance that must be filed at least 30 days prior to effective date. Computed
per $100 of liability issued.
