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Title insurance policy Title insurance policy refers to a contract through which the insurer or the title company, states who has got the legal title and gets into an agreement with the insured for paying a specific amount for covering any loss incurred by clouds , claims or defects of title in real estate . The insurer usually as an interest as an owner, mortgagee or otherwise. There are two kinds of title policies. They are owner's title policy and mortgagee's title policy. The owner's title policy is issued to the land owner himself by the title company. This policy is purchased and paid for only once. It continues to be in force even without any payment further. Owner's title insurance policies are not transferable or assignable. Another popular title policy refers to mortgage's title policy. It is usually issued to the mortgagee by the title company. This policy is terminated when the mortgagee debt is paid. In case of foreclosure, the policy continues to be in force and provides continuous protection against any defects of title once existed prior to the date of the policy. More terms explained |
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