Colorado Licensing Study Guide Questions 100% Solved(SCORED A+)

Applicant -ANSWER Prospective Insured Business of Title Insurance -ANSWER a. Solicitation b. Negotiation c. Execution Solicitation -ANSWER Selling & representing of the insurance product (commitment/Policies) Negotiation -ANSWER Takes place prior to the issuance of policy, examples: closing settlement services, calculating fees. Execution -ANSWER When policy is issued commitment is executed. Closing & Settlement Services -ANSWER Services to borrowers, sellers, lenders & buyers. Gap Protection -ANSWER a. Date of Commitment Issuance b. Prior to Recording Net Retained Liability -ANSWER Total liability under the policy. Premium -ANSWER Amount Charged for Insurance Types of Charges for Insurance -ANSWER a. Service charge cost of procuring and examining title. b. Risk created by issuing policy. Indemnification Contract -ANSWER a. Lie