Terms Used In Kansas Statutes > Chapter 40 > Article 11 - General Provisions Relative to Casualty, Surety and Fidelity Companies

• agent: means an authorized person, other than a bona fide employee of the title insurer who, on behalf of the title insurer, performs the following acts, in conjunction with the issuance of a title insurance report or policy:

  (1) Determines insurability and issues title insurance reports or policies, or both, based upon the performance or review of a search, or an abstract of title;

  (2) collects or disburses premiums, escrow or security deposits or other funds;

  (3) handles escrow, settlements or closings;

  (4) solicits or negotiates title insurance business; or

  (5) records closing documents. See Kansas Statutes 40-1136

• Commissioner: means the commissioner of insurance of the state of Kansas. See Kansas Statutes 40-1136
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow: means written instruments, money or other items deposited by one party with a depository, escrow agent or escrow for delivery to another party upon the performance of a specified condition or the happening of a certain event. See Kansas Statutes 40-1136
• Fiduciary: A trustee, executor, or administrator.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• insurance company: as used in this article shall be construed to include any corporation having a capital stock as provided by section 40-1103, and organized for one or more of the purposes set out in section 40-1102. See Kansas Statutes 40-1101
• insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-U. See Kansas Statutes 40-1136
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• Person: means a natural person, partnership, association, cooperative, corporation, trust or other legal entity. See Kansas Statutes 40-1136
• Plaintiff: The person who files the complaint in a civil lawsuit.
• policy: means a contract insuring or indemnifying owners of, or other persons lawfully interested in, real or personal property or any interest in real property, against loss or damage arising from any or all of the following conditions existing on or before the policy date and not excepted or excluded:

  (1) Defects in or liens or encumbrances on the insured title;

  (2) unmarketability of the insured title;

  (3) invalidity, lack of priority, or unenforceability of liens or encumbrances on the stated property;

  (4) lack of legal right of access to the land; or

  (5) unenforceability of rights in title to the land. See Kansas Statutes 40-1136

• Property: includes personal and real property. See Kansas Statutes 77-201
• Qualified financial institution: means an institution that is:

  (1) Organized or (in the case of a U. See Kansas Statutes 40-1136

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Undertaking: means a promise or security in any form where required by law. See Kansas Statutes 77-201