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A person who makes a last will and testament.


Any act of stealing. Theft includes larceny, burglary, and robbery.

Third-Party Origination

A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market. See mortgage broker.

Time-Element Coverage

Provides protection for Indirect Loss that occurs when, following a Direct property loss, there is a time lapse before the property can be used again. Includes Business Income, Contingent Business Income, and Extra Expense.

Time is of the Essence

A phrase in a contract that requires the strict performance of a certain act within a stated time frame.

Time Limit on Certain Defenses

A Uniform Provision on Health Insurance policies specifying that after a given number of years (usually two) no statements (except fraudulent misstatements) made in the application shall be used to deny a claim or void the policy. Also known as the Incontestability Clause. A Health policy is contestable for the first two years and incontestable thereafter, except for fraud.


A legal document evidencing a person’s right to or ownership of a property.

Title Commitment

A statement of the terms and conditions on which a title insurance underwriter is willing to issue a title insurance policy.

Title Company

A company that specializes in examining and insuring titles to real estate.

Title Insurance

Insurance that protects the lender (lender’s policy) or the buyer (owner’s policy) against loss arising from disputes over ownership of a property.