Examination for Missouri Insurance Producer's License Rated A+
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Module
Missouri Insurance Producer\'s License
Institution
Missouri Insurance Producer\'s License
Examination for Missouri Insurance Producer's License Rated A+
1. Abstract of Title: A summary of public records concerning the title to a specific tract of land.
2. Acknowledgement: A formal declaration by a person that they have executed an instrument, usually
before a notary public, necess...
Examination for Missouri Insurance Producer's License Rated A+
1. Abstract of Title: A summary of public records concerning the title to a specific tract of land.
2. Acknowledgement: A formal declaration by a person that they have executed an instrument, usually
before a notary public, necessary for recording and legal evidence.
3. Adverse Possession: Possession of land inconsistently with the rightful owner's rights; can lead to
acquiring title if statutory requirements are met.
4. Affirmative Coverage: Insurance provisions covering specific risks typically not included in standard
policies.
5. Appurtenances: Rights passing with the land title, such as access easements.
6. Bona Fide Purchaser: Someone who buys property in good faith, for fair value, without knowledge of
any claims against it.
7. Certificate of Title: A written opinion by an attorney attesting to the ownership of a property.
8. Chain of Title: The chronological order of ownership transfers for a parcel of land.
9. Chattel: Personal property as opposed to real property.
10. Collateral: Property pledged as security for a loan.
11. Condemnation: The government's taking of private property for public use with compensation, or
declaring a building unfit for use.
12. Conservator: A court-appointed person to manage the affairs of an incompetent adult.
,13. Conveyance: The transfer of property interest via a document (like a deed) or the act itself.
14. Covenant: A promise in a deed regarding the use or condition of the property.
15. Decedent: A person who has died.
16. Easement: A right to use another's land for a specific purpose.
17. Entity: A legal organization, such as a corporation or partnership.
18. Escheat: The transfer of property title to the state when an owner dies without heirs.
19. Escrow: A third party holding funds or assets until a particular condition is met.
20. Exceptions: Specific matters outlined in title policies where coverage is not provided.
21. Fee [ownership]: An absolute estate in land that can be passed on to heirs.
22. Fee Simple: The highest form of land ownership with no limitations.
23. Guardian: A court-appointed individual to manage a minor's or incompetent person's affairs.
24. HUD: The U.S. Department of Housing and Urban Development; also refers to a standard closing
statement (HUD-1).
25. Indemnity Agreement: An agreement to compensate for specified losses.
26. Insured: The individual named as an insured party in a policy.
, 27. Insured Claimant: The insured person or entity making a claim under the policy.
28. Intestate: Dying without a valid will.
29. Knowledge: Actual knowledge about property matters, as opposed to constructive knowledge.
30. Land: Property described in a title policy, including affixed improvements.
31. Landlocked: A property with no access to a public road or street.
32. Lien: A legal claim against property as security for a debt.
33. Lis Pendens: Notice of pending litigation related to property.
34. Marketable Title: A title deemed acceptable by a reasonable purchaser.
35. Parcel: A defined area of land.
36. Partition: The legal division of property among co-owners.
37. Patent: The government conveyance of title to land.
38. Personal Property (Personalty): Any property not defined as real estate.
39. Planned Unit Development: A development comprised of individually owned land parcels and shared
common areas managed by an association.
Plat
A map of land made by a surveyor showing boundary lines, buildings, and other improvements on the
land.
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