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Title insurance will defend against a lawsuit attacking the title or reimburse the insured for the actual monetary loss incurred up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1]
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
About two dozen have reformed the rule, with several (Alaska, Arizona, Kansas, Utah, Vermont, Oklahoma, and Wyoming) abolishing it. In some instances it is abolished except where the defendants "act in concert". [4] Some US jurisdictions have imposed limits on joint and several liability, but without completely abolishing that doctrine. For ...
The revenue for Oklahoma Insurance Department's budget is generated from the fees associated with the licenses. Since 2016, the OID has been non appropriated.According to the OID's 2018 Annual Report, the department's operations have produced $46.5 million to be given back to the State of Oklahoma budget for use by other state agencies.
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CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States.Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897, and The Continental Insurance Company (CIC) was organized in 1853. [2]