§ 500.7300 Scope of chapter
§ 500.7301 Definitions
§ 500.7302 Corporations authorized to transact title insurance
§ 500.7303 Prerequisites to issuance of certificate of authority
§ 500.7304 Title insurers; powers
§ 500.7305 Unearned premium reserves
§ 500.7306 Claim reserves; requirements
§ 500.7308 Reinsurance; authorization
§ 500.7310 Rating organizations; formation; operation
§ 500.7312 Rates; filing
§ 500.7313 Filing of basic forms of policies; policy commitments and other contracts or agreements
§ 500.7315 Investments; interests in realty
§ 500.7316 Property title information report
§ 500.7317 Licensing of agents or solicitors
§ 500.7318 Effect of act on prior act; liabilities; penalties
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 73 - Title Insurers

  • Board: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
  • Commissioner: means the director. See Michigan Laws 500.102
  • 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.
  • Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
  • District: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
  • District library: means a library established pursuant to the district library establishment act or a library considered to be established pursuant to the district library establishment act under section 6 of that act. See Michigan Laws 397.282
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Municipality: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
  • 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.
  • Participating: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Property title information report: means information regarding matters of public record affecting legal title to real property that satisfies both of the following:
     (i) Is provided upon request to a real property owner, a financial institution, a person with a contractual interest in the real property, or to a person licensed under article 25 of the occupational code, Act No. See Michigan Laws 500.7301
  • Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Title insurance: means the insuring, guaranteeing, or indemnifying of designated owners of real estate or any interest in real estate against loss or damage that may result because the title is vested in a manner otherwise than as stated in the title insurance policy, because the title is unmarketable, or because the title is subject to liens, encumbrances, or other matters adversely affecting the rights of use, enjoyment, or disposition of the real estate, and not excepted in the policy, all in accordance with the terms of a title insurance policy approved as to substance and form, or doing anything equivalent in substance to any of the foregoing in a manner designed to evade the provisions of this chapter. See Michigan Laws 500.7301
  • Title insurance policy: means any policy or contract insuring, guaranteeing, or indemnifying against loss or damage suffered by owners of real estate or by other persons interested in the real estate by reason of liens, encumbrances upon, defects in, or the unmarketability of the title to the real estate, or other matters affecting the title to real estate or the right to the use and enjoyment of the real estate, and insuring, guaranteeing, or indemnifying the condition of the title to real estate or the status of any lien on the real estate. See Michigan Laws 500.7301
  • Title insurer: means any domestic, foreign, or alien insurer issuing title insurance, either directly or indirectly, other than reinsurance or coinsurance or both as referred to in section 7308, with respect to any real estate located in this state. See Michigan Laws 500.7301
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o