Missouri Title Producer Exam Title Insurance Terms; 100% Solved

Missouri Title Producer Exam Title Insurance Terms; 100% Solved Title Insurance Correct answer-Insured statement of the condition of title or ownership of real property. One-time only premium. Named insured and heirs protected against title defects, liens and encumbrances as of the date of policy. Commitment/Binder Correct answer-A binding contract with a title company to issue a specific title policy, showing only those exceptions contained in the commitment and any intervening matters after the date of the commitment and prior to the effective date of the policy. Contains all information included in the preliminary title report, plus a list of requirements to insure the transaction and standard exceptions from coverage that will appear