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11Alexandr11 [23.1K]
3 years ago
14

Can title insurers that issued a policy with a major defect require the purchasers of the policy to act as plaintiffs in order t

o get paid for their loss
Business
1 answer:
Olegator [25]3 years ago
6 0
A title insurance<span> commitment or </span>policy<span> involves not only locating all record instruments ... who has been </span>paid<span> the full </span>policy<span> limits, the insured </span>could have<span> bargained for .... If allowed, any </span>plaintiff<span> in negligence </span>could<span> avoid the economic </span>loss<span> rule by .... Agency law provides that a principal is liable for the </span>acts<span> of </span>its<span> agent which ...

</span>

As with any insurance policy there are exclusions and exceptions. The residential owner’s policy expressly excludes such items as building and zoning ordinances; condemnation; title problems created by or undisclosed by the insured, or arising from fraud by the insured; title problems that result in no actual loss; access issues; refusal of anyone to lend money; and physical condition of the land.

Exceptions are specific limitations on coverage. These include standard printed exceptions on Schedule B—restrictive covenants and deed restrictions; the survey exception (“discrepancies, conflicts, or shortages in area”) which can (and, for buyers should) be deleted for a fee; homestead, community, and survivorship rights; the exception for riparian rights, water-rights, and tidelands; the tax exception, including rollback taxes; the mechanic’s lien exception; the exception for leases and subordinate liens; the rights of parties in possession; and, if there is no survey, easements and encroachments. The title company may also add special exceptions that it deems necessary after doing its research.

Title companies do not insure fraudulent conveyances or preferential transfers (transfers made to avoid payment of creditors). Excluded is “any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction vesting the Title as shown in Schedule A is (a) a fraudulent conveyance or fraudulent transfer, or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy.” So if one is engaged in edgy asset protection, do not look to a title company for assistance.

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Answer:

a. Current Account.

b. A credit to the Current Account.

Explanation:

When people go to another country for work and send the income they make back to their country of origin as remittances, this goes to the Current Account of a nation's Balance of Payments.

It would be recorded as a credit to this account because when money goes out, it goes to the credit side of the U.S. BOP as it is being exported out so is leaving the economy of the U.S.

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2 years ago
Which of the following is a characteristic of a public good?
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The answer is B trust me
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Which of the following statements about the Arbitrage Pricing Theory (APT) are correct? Check all that apply. The APT maintains
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Answer: The APT identifies all relevant factors that affect the realized returns on stocks.

Explanation:

Arbitrage pricing theory (APT) is an idea that has to do with the fact when the linear relationship between the macroeconomic variables and the expected return of an asset are analysed, such assets return can be forecasted.

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2 years ago
Suppose Brazil has a comparative advantage in coffee production and Mexico has a comparative advantage in tomato production. If
lawyer [7]

Answer:

The correct answer is A. Brazilian tomato producers are worse off.

Explanation:

A country has a comparative advantage in producing a good and service if its opportunity cost of producing that good and service is lower than that of its trading partner. So it is better off for a country that has a lower opportunity cost in production a good or service to specialise in that good or service.

Brazil has a comparative advantage in coffee production, meaning, it is better off in specialising in the production of coffee and will be worse off if Brazil specialises in Tomato

Mexico has a comparative advantage is Tomato, meaning, she is better off in specialising in Tomato and worse off if she specialises in Coffee

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3 years ago
At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. XYZ’s man
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Answer:

1. $13,500

2. $13,500

3. $336,500

Explanation:

1. Bad debt expense:

= Sales × Percent of sales uncollectible

= $900,000 × 1.5%

= $13,500

Therefore, the bad debt expense for the year 2019 is $13,500.

2. Allowance for Doubtful accounts = $13,500

3. For the end of 2019, what is the company's net realizable value:

= Accounts receivable - Allowance for Doubtful accounts

= $350,000 - $13,500

= $336,500

6 0
2 years ago
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