Definition of Terms

Title Insurance Commitment:
Issued by a title insurance company and contains the conditions under which a title insurance policy will be issued.

Title Insurance Policy:
A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.

Lender’s Policy:
A title insurance policy insuring a lender against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage.

Owner’s Policy:
A title insurance policy insuring an owner of real estate against loss occasioned by defects or unmarketability of the owner’s title.

Underwriter:
An insurance company that issues insurance policies.

Simultaneous Issue:
An Owner’s Policy and a Lender’s Policy issued by a title insurer on the same interest at the same time. Note: Lender’s Policy amount not to exceed Owner’s Policy amount, without incurring additional fees.

Reissue Rate:
A reduced rate of title insurance premium where the owner of the land has been previously insured by an Owner’s Policy by the insurer within a certain time.