Section 500.7301 - Definitions.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.7301 Definitions.
Sec. 7301.
As used in this chapter:
(a) “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.
(b) “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.
(c) “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.
(d) “Title insurance commitment” means a document issued by a duly authorized title insurer offering to issue a title insurance policy upon performance of the conditions set forth in the document.
(e) “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. 299 of the Public Acts of 1980, being sections 339.2501 to 339.2518 of the Michigan Compiled Laws, in connection with the marketing of real estate.
(ii) Is provided on a form other than a commitment of title insurance.
History: Add. 1966, Act 221, Imd. Eff. July 11, 1966 ;-- Am. 1996, Act 566, Imd. Eff. Jan. 16, 1997
Popular Name: Act 218