§ 27-7-3-2 — Definitions

Indiana § 27-7-3-2

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 3: Abstract and Title Insurance

Text

As used in this chapter and unless a different
meaning appears from the context:
(a) The term "title insurance" means a contract of insurance against
loss or damage on account of encumbrances upon or defects in the title
to real estate.
(b) The term "closing protection letter" means a written
indemnification of or undertaking to a party to a real estate transaction
by a principal that specifies the extent to which the principal is
responsible for intentional or unintentional misconduct or errors of an
agent of the principal in connection with the closing of the real estate
transaction.
(c) The term "company" shall mean and include any corporation,
domestic or foreign, to which this chapter is applicable.
(d) The term "department" shall mean the department of insurance
of the state of Indiana.
(e) The term "commissioner" shall mean the insurance
commissioner.
(f) The term "public record" has the meaning set forth in IC 5-14-3-2.
(g) The term "title policy" means a policy issued by a company that:
(1) is authorized to do business as a title insurance company
under section 3 of this chapter; and
(2) insures or indemnifies persons with an interest in real property
against loss or damage caused by a lien on, an encumbrance on,
a defect in, or the unmarketability of the title to the real property.
(h) The term "title search" means a search and examination of the
public records sufficient to determine:
(1) ownership of;
(2) encumbrances on;
(3) liens on; and
(4) defects in the title to;
the real estate that is the subject of the search.
Formerly: Acts 1937, c.104, s.2. As amended by P.L.252-1985,
SEC.248; P.L.68-2002, SEC.1; P.L.80-2013, SEC.3.