Transcription of Title Insurance Underwriting - eondirect.com
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Title Insurance Underwriting - eondirect.com
2/16/2012 1 Title Insurance Underwriting The Basics by Morrie Erickson, Attorney Underwriting - What is it? Dictionary definition Literally, to write one s name at the end of a policy, thereby becoming liable To insure To select or rate risks for Insurance Underwriting Title Insurance Analysis - known facts & circumstances Prior Title evidence Current public records search Actual knowledge Status of burdens attached to property 2/16/2012 2 Underwriting Title Insurance Assessment of risk Based on facts & circumstances Legal impact Practical realities Underwriter guidelines Recognition of what s important Knowledge of law Public Records Searches Search requirements Loan policies & IC 27-7-3-21 Underwriter guidance Prior/no prior policy Abstract of Title Public records - county offices Know which offices are relevant Know how they inter-relate Chain of Title Marketable record Title Unbroken chain extinguishes other interests & claims (IC 32-20-2-2) 50-year requirement (IC 32-20-3-1)
2/16/2012 1 Title Insurance Underwriting The Basics by Morrie Erickson, Attorney Underwriting - What is it? •Dictionary definition –Literally, …
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