§ 20-1541 Definitions
§ 20-1542 Capital and surplus
§ 20-1543 Limitation on geographic concentration
§ 20-1544 Limitation on advertising
§ 20-1545 Limitation on investment
§ 20-1547 Mortgage guaranty insurance as monoline
§ 20-1548 Underwriting discrimination
§ 20-1549 Policy forms and premium rates filed
§ 20-1550 Minimum policyholder position; definitions
§ 20-1551 Rebates, commissions and charges
§ 20-1552 Compensating balances prohibited
§ 20-1553 Conflict of interest
§ 20-1554 Unearned premium reserve
§ 20-1555 Loss reserve
§ 20-1556 Contingency reserve
§ 20-1556.01 Premium deficiency reserve
§ 20-1557 Reinsurance
§ 20-1558 Miscellaneous reserves
§ 20-1559 Mortgage guaranty insurers; dividend payment
§ 20-1560 Examinations; rules

Terms Used In Arizona Laws > Title 20 > Chapter 6 > Article 8.1 - Mortgage Guaranty Insurance

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Appraisal: A determination of property value.
  • Authorized real estate security: means either:

    (a) Any amortized note, bond or other evidence of indebtedness that is secured by both a mortgage, deed of trust or other instrument that constitutes or is equivalent to a first lien or charge on real estate and the balance on any pledged cash account or collateralized guaranty agreement that is contracted for by a parent, blood relative, employer or nonprofit corporation for the benefit of the borrower if all of the following apply:

    (i) The loan amount does not exceed one hundred three per cent of the fair market value of the combined security at the time that the loan is made where any percentage greater than one hundred per cent is used to finance fees and closing costs on the indebtedness. See Arizona Laws 20-1541

  • Contingency reserve: means an additional premium reserve established to protect policyholders against the effect of adverse economic cycles. See Arizona Laws 20-1541
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • department: means the department of insurance and financial institutions. See Arizona Laws 20-101
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • Minimum policyholder position: means the amount computed pursuant to section 20-1550. See Arizona Laws 20-1541
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage guaranty insurance: means insurance against financial loss by reason of nonpayment of:

    (a) Principal, interest or other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real estate if the improvement on such real estate is a residential building or a condominium unit or buildings designed for occupancy by not more than four families. See Arizona Laws 20-1541

  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • 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: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Policyholder position: means the contingency reserve prescribed in section 20-1556 and surplus as regards policyholders. See Arizona Laws 20-1541
  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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.
  • Subpoena: A command to a witness to appear and give testimony.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
  • Writing: includes printing. See Arizona Laws 1-215