Examination for Missouri Insurance Producer's License Rated A+
8 views 0 purchase
Course
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.19. You're not tied to anything after your purchase.
