Maryland Code, INSURANCE 19-305
Terms Used In Maryland Code, INSURANCE 19-305
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) In adopting the antiarson application form, the Commissioner shall consider generally recognized two-tier application forms.
(b) An antiarson application shall include:
(1) the name and address of the applicant, any mortgagee, and any other party with an ownership interest in the property to be insured;
(2) the amount of insurance requested and the method of valuation used to establish that amount;
(3) the dates and selling prices of the property to be insured in all real estate transactions involving the property during the 3-year period immediately preceding the date of the antiarson application;
(4) the applicant’s history of losses during the 5-year period immediately preceding the date of the antiarson application with regard to any property:
(i) in which the applicant held an interest, including a partnership or mortgage interest, that is substantial; and
(ii) that sustained a fire loss exceeding 25% of the insured value;
(5) all taxes that are unpaid or overdue for 1 or more years; and
(6) the present occupancy of the property to be insured.