North Carolina Title Insurance Licensing Exam &
Underwriting QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
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Terms in this set (31)
Binder (Commitment) A report issued by a title insurance company
setting forth the condition of title to certain
property as of a certain date and a commitment to
issue a title insurance policy when certain
conditions are satisfied.
Policy A general term used to describe all contracts of
insurance.
Exception (1) A provision in a title insurance binder or policy
which excludes liability regarding a specific title
defect, lien, or encumbrance. (2) Any item
specifically excluded.
Requirement Condition or conditions that must be met before
insurance can be provided to cover a particular
matter.
, Endorsement An endorsement to a policy or commitment can be
generated to modify, edit, delete, add or change
any (a) pre-printed policy information appearing in
Exclusions From Coverage, Insured Provisions, and
Conditions and Stipulations in the Policy jacket; or
(b) Schedule A and Schedule B text which has been
created by the underwriter and is specific to the
transaction.
Surveyor's Report Report from a surveyor indicating specific matters
affecting the surveyed property such as
easements, encroachments, and setback
requirements.
Length of Search The time period that the certifying attorney has
performed a title search. A full search is
customarily a minimum of thirty years in North
Carolina.
Closing Protection Letter The method by which a title company insures the
proper performance of services necessary to
conduct a real estate closing performed by an
approved attorney licensed to practice law in
North Carolina. The closing protection letter
protects against any loss the lender may sustain in
the event that the Approved Attorney does not
comply with the lender's written closing
instructions. Closing protection coverage is also
available to owner's. A title insurance company may
also insure the proper performance of its issuing
agents.
Underwriting QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Save
Terms in this set (31)
Binder (Commitment) A report issued by a title insurance company
setting forth the condition of title to certain
property as of a certain date and a commitment to
issue a title insurance policy when certain
conditions are satisfied.
Policy A general term used to describe all contracts of
insurance.
Exception (1) A provision in a title insurance binder or policy
which excludes liability regarding a specific title
defect, lien, or encumbrance. (2) Any item
specifically excluded.
Requirement Condition or conditions that must be met before
insurance can be provided to cover a particular
matter.
, Endorsement An endorsement to a policy or commitment can be
generated to modify, edit, delete, add or change
any (a) pre-printed policy information appearing in
Exclusions From Coverage, Insured Provisions, and
Conditions and Stipulations in the Policy jacket; or
(b) Schedule A and Schedule B text which has been
created by the underwriter and is specific to the
transaction.
Surveyor's Report Report from a surveyor indicating specific matters
affecting the surveyed property such as
easements, encroachments, and setback
requirements.
Length of Search The time period that the certifying attorney has
performed a title search. A full search is
customarily a minimum of thirty years in North
Carolina.
Closing Protection Letter The method by which a title company insures the
proper performance of services necessary to
conduct a real estate closing performed by an
approved attorney licensed to practice law in
North Carolina. The closing protection letter
protects against any loss the lender may sustain in
the event that the Approved Attorney does not
comply with the lender's written closing
instructions. Closing protection coverage is also
available to owner's. A title insurance company may
also insure the proper performance of its issuing
agents.
