Study Guide Table of Contents

 

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YOUR EXAMINATION CONTENT OUTLINE

for examinations on or after September 1, 2002.

 


If you did not receive a three page outline as part of your application materials, please contact Experior. The table of contents below is based on the Experior outline as publicly available on January 1, 2003.

The following outline describes the content of your Virginia insurance exam. This outline is the basis of your exam. The exam will contain questions on the subjects contained in the outline. The percentages indicate the relative weight assigned to each section of the test. For example, 10 percent means that six questions will be drawn from the section on a 60-question test, ten will be drawn on a 100-question test, and 15 will be drawn on a 150-question exam.

Series 11-04: Virginia Examination for Title Insurance
100 questions-Two-hour time limit


1.0 Insurance Regulation 8%

1.1 Licensing

Purpose
Persons to be licensed
Process
Maintenance
Duration and termination
Address and/or name change
Requirement to report felony convictions
Appointment procedures
Agent contract with insurer
Agent appointment with insurer
Solicitation prior to appointment
Appointment requirement after becoming licensed
Notice of appointment
Acknowledgment of appointment
Requirement to cease solicitation
Termination of appointment/notice to agent
Termination of license without active appointment
Disciplinary actions
Cease and desist order
Suspension and revocation
Fines and penalties
Continuing education


1.2 State regulation

State Corporation Commission general duties and powers
Insurer regulation
Solvency
Forms
Rates
Unfair claims practices
Disclosure of personal information
Examination of books and records
Agent regulation
Unfair trade practices
Misrepresentation
False advertising
Defamation
Boycott, coercion or intimidation
False financial statements
Prohibited inducement
Unfair discrimination
Rebating
Blank forms
Examination of books and records
Payment and sharing commissions
Administrative charges in excess of premium prohibited; exceptions
Requirement to file trade or fictitious names
Responsibility of trust accounts
Record retention
Illegal consideration (kickbacks, rebates and other)
Unauthorized practice of law considerations

1.3 Federal regulation

Fraud and false statements

2.0 General Insurance 5%

2.1 Concepts

Risk management
Key terms
Risk
Exposure
Loss
Methods of handling risk
Avoidance
Retention
Sharing
Reduction
Transfer
Elements of insurable risks
Insurable interest
Adverse selection
Law of large numbers
Reinsurance

2.2 Agents

Law of agency
Insurer as principal
Agent of insurer
Responsibilities to insurer
Authority
Express
Implied
Apparent
Responsibilities to the applicant/insured

2.3 Contracts

Elements of a legal contract
Offer and acceptance
Consideration
Competent parties
Legal purpose
Distinct characteristics of an insurance contract
Contract of adhesion
Aleatory contract
Personal contract
Unilateral contract
Conditional contract
Legal interpretations affecting contracts
Ambiguities in a contract of adhesion
Reasonable expectations
Indemnity
Utmost good faith
Representations/misrepresentations
Warranties
Concealment
Fraud
Waiver and estoppel

3.0 Real Property 25%

3.1 Concepts, principles and practices

Definition of real property
Types of real property
Title to real property
Marketable title

3.2 Acquisition and transfer of real property

Conveyances
Encumbrances
Adverse possession
Condemnation
Escheats
Tax sales
Abandonment
Judicial sales
Decedentsí estates
Intestate
Testate
Trusts
Types of joint ownership
Tenants in common
Joint tenancy
Tenants by the entirety
Acknowledgments
Legal capacity of parties
Individuals
Corporations
General partnerships
Limited partnerships
Fictitious names
Trust agreements
Limited liability companies

3.3 Legal descriptions

Types of legal descriptions
Types of measurements used
Language of legal descriptions
Structure and format
Interpretation

3.4 Escrow principles

Escrow terminology
Types of escrows
Escrow contracts
Fiduciary responsibilities of escrow agents

3.5 Recording

Types of records
Types of recording systems
Requirements to record
Recording steps
Acknowledgments
Presumptions

4.0 Title Insurance 25%

4.1 Title insurance principles

Risks covered by title insurance
Risk of error in public records
Hidden off-record title risks
Risk of omission and commission by agent
Entities that can be insured; need for insurance
Individual
Commercial
Interests that can be insured
Types of estates
Fee simple estate
Leasehold estate
Life estate
Easements
Title insurance forms
Commitments
Ownerís policy
Lenderís policy
Leasehold policies/endorsements
Title insurance structure and policy provisions
Insuring provisions
Schedule A
Schedule B - Exceptions from coverage
Exclusions from coverage
Conditions and stipulations
Endorsements

4.2 Title searching techniques

Hard copy index
Computer index
Chain sheet

5.0 Title Exceptions and Procedures for Clearing Title 25%

5.1 Principles and concepts

General exceptions
Voluntary and involuntary liens
Federal liens
U.C.C. financing statement
Deed of trust
Judgments
Taxes and assessments
Surveys
Condominiums
Water rights
Mineral rights
Equitable interests
Spousal interests
Competency of parties
Attachments
Executions
Access
Covenants
Restrictions

5.2 Special problem areas and concerns

Acknowledgments
Mechanicís liens
Bankruptcy
Probate
Foreclosure
Claims against the title
Lis pendens
Conditions

5.3 Principles of clearing title

Satisfactions
Assignments
Subordinations
Affidavits
Reconveyances

6.0 Settlement/closing procedures 12%

6.1 Consumer Real Estate Settlement Protection Act

6.2 Real Estate Settlements Procedures Act (RESPA)

6.3 Insured closing protection

Appendices to Study Guide

1992 ALTA Owners Policy 

1992 ALTA Loan Policy - 10-17-1992 

1992 ALTA Short Form Loan Policy - 10-21-2000 

1998 ALTA Homeowner's Policy of Title Insurance for One-to-Four Family Residence

2001 ALTA Expanded Coverage Residential Loan Policy

Listing of ALTA Endorsement Forms 

Listing of ALTA Exception Codes

Virginia State Bar Unauthorized Practice of Law Guidelines

 

 

 

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