Terms Used In Montana Code > Title 33 > Chapter 25 > Part 3 - Regulation by Commissioner of Insurance

• Applicant: means a person, whether or not a prospective insured, who applies to a title insurer or title insurance producer for a title insurance policy, but does not include a title insurance producer. See Montana Code 33-25-105
• Contract: A legal written agreement that becomes binding when signed.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• producer: means a person, corporation, partnership, or other business entity, including an officer, director, or owner of 5% or more of the equity or capital thereof, engaged in this state in the trade, business, occupation, or profession of:

  (a)buying or selling interests in real property;

  (b)making loans secured by interests in real property; or

  (c)acting as broker, insurance producer, or representative of a person described in subsection (8)(a) or (8)(b). See Montana Code 33-25-105

• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• 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 Montana Code 1-1-201
• Title insurance policy: means a contract by which, subject to its stated terms and conditions, a title insurer insures or indemnifies the insured against loss or damage sustained by reason of:

  (a)defects in or liens or encumbrances on the title to the stated property;

  (b)unmarketability of the title to the stated property; or

  (c)invalidity or unenforceability of liens or encumbrances on the stated property. See Montana Code 33-25-105

• Title insurance producer: means a person who holds a valid title insurance producer's license and is authorized in writing by a title insurer to:

  (i)solicit title insurance business;

  (ii)collect rates;

  (iii)determine insurability in accordance with underwriting rules and standards of the insurer; or

  (iv)issue policies of the title insurer. See Montana Code 33-25-105

• Title insurer: means an insurer formed and authorized under the laws of this state to transact the business of title insurance in this state or a foreign or alien insurer so authorized. See Montana Code 33-25-105