Terms Used In Rhode Island General Laws 27-2.6-4

• business of title insurance: means ":

  (i)  Issuing as insurer or offering to issue as insurer, a title insurance policy;

  (ii)  Transacting or proposing to transact by a title insurer any of the following activities when conducted or performed in contemplation of, or in conjunction with, the issuance of a title insurance policy:

  (A)  Soliciting or negotiating the issuance of a title insurance policy;

  (B)  Guaranteeing, warranting or otherwise insuring the correctness of title searches for all instruments affecting titles to real property, any interest in real property, cooperative units and proprietary leases and for all liens or charges affecting the same;

  (C)  Handling of escrows, settlements or closings;

  (D)  Executing title insurance policies;

  (E)  Effecting contracts of reinsurance. See Rhode Island General Laws 27-2.6-3

• insurer: means a company organized under laws of this state for the purpose of transacting the business of title insurance and any foreign or non-United States title insurer licensed in this state to transact the business of title insurance. See Rhode Island General Laws 27-2.6-3
• Person: means any natural person, partnership, association, cooperative, corporation, trust or other legal entity. See Rhode Island General Laws 27-2.6-3
• policy: means a contract insuring or indemnifying owners of, or other persons lawfully interested in, real or personal property or any interest in real property, against loss or damage arising from any or all of the following conditions existing and not excepted or excluded:

  (i)  Defects in or liens or encumbrances on the insured title;

  (ii)  Unmarketability of the insured title;

  (iii)  Invalidity, lack of priority or unenforceability of liens or encumbrances on the stated property;

  (iv)  Lack of legal right of access to the land; or

  (v)  Unenforceability of rights in title to the land. See Rhode Island General Laws 27-2.6-3