3 AAC 27.399. Definitions

In 3 AAC 27.301 - 3 AAC 27.399, unless the context otherwise requires,

(1) "class of service" means a type of service provided by a title insurance company or title insurance limited producer, apart from escrow services, that includes a title insurance policy, preliminary commitment, listing package, or property profile that is delivered or provided in this state by a title insurance company or title insurance limited producer that relies in whole or in part upon documents contained in a title plant or public records; a listing package on a single property or a copy of an individual document or map is not considered a class of service;

(2) "commission" means all amounts paid to or retained by a title insurance limited producer from the title insurance premium to cover the maintenance of title plants, the costs necessary to search and examine the title of property, marketing expense, the producers' share of losses, other operating expenses, and the profit of the title insurance limited producer;

(3) "listing package" means one or more public record, including the last deed of record, given to a real estate agent or broker by a title insurance company or title insurance limited producer so that the real estate agent or broker may determine the owner of record and the correct property description for listing a property;

(4) "preliminary commitment" means

(A) a written report prepared in connection with an application for title insurance for specific real or personal property that offers to issue a title insurance policy subject to stated exceptions, conditions, stipulations, or matters incorporated by reference in the report; and

(B) a preliminary report of title;

(5) "property profile" means a listing package;

(6) "public record" means a document recorded under AS 40.17 for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge;

(7) "short-term rate" means a discounted rate for an owner's title insurance policy that has been issued by a title insurance company or title insurance limited producer within 24 months of the last title insurance policy issued.

History: Eff. 4/15/2000, Register 154

Authority: AS 21.06.090

AS 21.66.410

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