Missouri Title Producer Exam Title Insurance Laws and Regulations | Questions &
Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded
Answers | With Expert Solutions
Premium tax - A type of indirect tax levied on general insurance premiums.
Cashiers Check - A check drawn on a financial institution.
Certified funds - A form of payment that is guaranteed to clear or settle by the company certifying the
funds.
Director - The director of the department of insurance, financial and professional regulation.
Financial institution - A person or entity doing business under the laws of this state or the United States
relating to banks, trust companies, and savings and loan associations, credit unions, commercial and
consumer finance companies, industrial loan companies, insurance companies, small business
investment corporations, a mortgage loan company or mortgage banker.
Settlement Agent - A person, corporation, partnership or other business organization which accepts
funds and documents as fiduciary for the buyer, seller or lender for the purposes of closing a sale of an
interest in real estate located within the state of Missouri and is not a financial institution or lawyer.
Closing/Settlement Fees - The expenses, over and above the price of the property that buyers and
sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fees,
discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and
credit report charges.
Title Insurance Premiums (Risk Rate Schedule) - Rates for Title Insurance that must be filed at least 30
days prior to effective date. Computed per $100 of liability issued.
Prohibited Practices - Only the person paying for title insurance may choose which title agency and/or
issuer issues the title insurance policy, specifically prohibiting other parties from requiring or directing
business to a specific title company.
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