Escrow & Title
In Tennessee, which of the following best describes 'title insurance'?
AInsurance against future physical damage to the property
BA one-time premium policy protecting against past title defects not discovered in the title search✓ Correct
CAnnual insurance covering future title claims only
DGovernment-backed insurance for first-time homebuyers
Explanation
Title insurance is a one-time premium policy that protects against losses from title defects that existed prior to issuance of the policy, including those not discovered in the title search.
Related Tennessee Escrow & Title Questions
- An 'exception' in a title insurance policy is a matter that:
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- In Tennessee, which party typically pays the owner's title insurance premium in a residential transaction?
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