Title insurance exam questions
3. The statutory definition of name insurance includes which of the following
I. Guaranteeing the correctness of identify searches
II. The guaranteed by using the title business enterprise of the lifestyles of amenities in
connection with the purchase of actual belongings.
III. The Ensuring with the aid of a name organisation of the validity of a loan mortgage
A. I and II only
B. II and III best
C. I and III simplest
D. I, II and III - ANS-C
After being a troubles a $two hundred,000 title insurance coverage, an insured files a claim
for $a hundred,000 which is paid, and a claim for $75000. The business enterprise informs
the insured that it will no longer honor $25,000 of the ultimate declare. This is due to which
of the following?
A. The apportionment clause
B. The co-coverage clause
C. The non-cumulative liability clause
D. The distribution clause - ANS-C
After the insured has notified the employer that a declare in opposition to the identify has
been made the agency may also do which of the following?
I. Pay the claim
II. Negotiate a settlement of the declare
III. Defend the claim
A. I and II only
B. II and III best
C. Any of the above
D. None of the above - ANS-C
An insured bought three parcels of land valued as follows:
Parcel #1: $two hundred,000
Parcel #2: $300,000
Parcel #3: $500,000
A $a million coverage is issued protecting all three parcels. When a hassle evolved
concerning the identify to parcel #2 the insured filed a declare for four hundred,000. He
, changed into advised the enterprise could pay best 300,000. This is due to which of the
following?
A. The apportionment clause
B. The co-coverage clause
C. The non-cumulative legal responsibility clause
D. The distribution clause - ANS-
In New Jersey name coverage businesses aren't required to do which of the following?
A. Become a member of a reading bureau in an effort to file their paperwork and fees
B. File their forms with the New Jersey Department of insurance earlier than the usage of
them.
C. Maintain loss reserves
D. Maintain evidence of getting workout sound underwriting exercise for as a minimum 15
years - ANS-A
In New Jersey name coverage businesses are required to do which of the following?
I. Maintain a loss reserve fund
II. Maintain a net retained liability fund
III. Maintain top rate reserves
A. I and II simplest
B. II and III only
C. I and III only
D. I, II and III - ANS-C
In New Jersey, title businesses might also:
A. Issue policies on a casualty foundation in the event that they file the suitable price with the
Commissioner.
B. Issue policies most effective after making the appropriate search of the records.
C. Issue guidelines no longer conforming with the forms filed with the Department furnished
they inform the insured that this is an un accredited shape - ANS-B
The situations in a Alta policy might require that the insured notify the organisation of a claim
within what time frame?
A. Promptly
B. Within a hundred and twenty days
C. As quickly as the judgment is filed
D. There isn't any such requirement - ANS-A
The statutory definition of name coverage consists of which of the subsequent
3. The statutory definition of name insurance includes which of the following
I. Guaranteeing the correctness of identify searches
II. The guaranteed by using the title business enterprise of the lifestyles of amenities in
connection with the purchase of actual belongings.
III. The Ensuring with the aid of a name organisation of the validity of a loan mortgage
A. I and II only
B. II and III best
C. I and III simplest
D. I, II and III - ANS-C
After being a troubles a $two hundred,000 title insurance coverage, an insured files a claim
for $a hundred,000 which is paid, and a claim for $75000. The business enterprise informs
the insured that it will no longer honor $25,000 of the ultimate declare. This is due to which
of the following?
A. The apportionment clause
B. The co-coverage clause
C. The non-cumulative liability clause
D. The distribution clause - ANS-C
After the insured has notified the employer that a declare in opposition to the identify has
been made the agency may also do which of the following?
I. Pay the claim
II. Negotiate a settlement of the declare
III. Defend the claim
A. I and II only
B. II and III best
C. Any of the above
D. None of the above - ANS-C
An insured bought three parcels of land valued as follows:
Parcel #1: $two hundred,000
Parcel #2: $300,000
Parcel #3: $500,000
A $a million coverage is issued protecting all three parcels. When a hassle evolved
concerning the identify to parcel #2 the insured filed a declare for four hundred,000. He
, changed into advised the enterprise could pay best 300,000. This is due to which of the
following?
A. The apportionment clause
B. The co-coverage clause
C. The non-cumulative legal responsibility clause
D. The distribution clause - ANS-
In New Jersey name coverage businesses aren't required to do which of the following?
A. Become a member of a reading bureau in an effort to file their paperwork and fees
B. File their forms with the New Jersey Department of insurance earlier than the usage of
them.
C. Maintain loss reserves
D. Maintain evidence of getting workout sound underwriting exercise for as a minimum 15
years - ANS-A
In New Jersey name coverage businesses are required to do which of the following?
I. Maintain a loss reserve fund
II. Maintain a net retained liability fund
III. Maintain top rate reserves
A. I and II simplest
B. II and III only
C. I and III only
D. I, II and III - ANS-C
In New Jersey, title businesses might also:
A. Issue policies on a casualty foundation in the event that they file the suitable price with the
Commissioner.
B. Issue policies most effective after making the appropriate search of the records.
C. Issue guidelines no longer conforming with the forms filed with the Department furnished
they inform the insured that this is an un accredited shape - ANS-B
The situations in a Alta policy might require that the insured notify the organisation of a claim
within what time frame?
A. Promptly
B. Within a hundred and twenty days
C. As quickly as the judgment is filed
D. There isn't any such requirement - ANS-A
The statutory definition of name coverage consists of which of the subsequent
