Also called a mortgagee's policy, a type of title insurance policy that protects lenders against both known and latent title defects that could affect its ability to adequately secure its mortgage loan. It only covers the loan amount. Unlike other title policies, the lender's policy is assignable and has no exceptions for claims that could have been discovered with a physical inspection of the subject property. For more information, see the "Title and title insurance " article in the "Real Estate In-Depth" section.
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