Title INS, California Ins. Code

(a) For financial guaranty insurance that takes effect on or after January 1, 1991, an insurer authorized to transact financial guaranty insurance shall receive credit for reinsurance as an asset or as a reduction from liabilities only if the reinsurance is placed with a reinsure…

No insurer authorized to transact financial guaranty insurance shall pay any commission to or make any gift of money, property, or other valuable thing to any employee, agent, or representative of any issuer of any debt instrument or other monetary obligation of any kind which ma…

The provisions of subdivision (f) of Section 381, and the provisions of Sections 382, 383, 383.5, 386, 481, 750, 751, 752, 755, 755.5, 756, 757, 758, 759, 760, 760.5, 763, 763.5, 766, 800, 801, 802, 803, and 804, shall not apply to title insurers. (Amended by Stats. 1976, Ch. 115…

Article 5.6 (commencing with Section 1875.20) of Chapter 12 of Part 2 of Division 1 does not apply to title insurers. (Added by Stats. 1994, Ch. 131, Sec. 1. Effective January 1, 1995.)

A title insurance company or underwritten title company engaged in the business of title insurance, as defined in Section 12340.3, shall not be deemed to have participated in any acts prohibited by Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code sol…

Except as otherwise required to comply with the provisions of Article 6 (commencing with Section 14070), the proceedings under this article shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code an…

The commissioner may suspend or revoke a license issued under this chapter or may issue a restricted license in accordance with Section 14026.5 if he or she determines that the licensee, or his or her manager, if an individual, or if the licensee is a person other than an individ…

The commissioner may, without hearing, suspend or revoke a license issued under this chapter, or may issue a restricted license, if he or she determines that the licensee has committed any act or crime constituting grounds for denial of license under Section 14028.5. (Added by St…

The record of conviction, or a certified copy thereof, shall be conclusive evidence of the conviction, as that term is used in this article or in Section 14028 or 14028.5. A plea or verdict of guilty or a plea of nolo contendere is deemed to be a conviction within the meaning of …

The commissioner may suspend or revoke a license issued under this chapter or may issue a restricted license in accordance with Section 14026.5 if the commissioner determines that the licensee, or his or her manager, if an individual, or if the licensee is a person other than an …

The commissioner may suspend or revoke a license issued under this chapter or may issue a restricted license in accordance with Section 14026.5 if the commissioner determines that the licensee, or his or her manager, if an individual, or if the licensee is a person other than an …

(a) The commissioner may, at any time, deny, suspend, or revoke a nonlicensed adjuster’s registration under Section 14022.5, or impose a restricted registration, in the same manner and on the same grounds as the commissioner may for a license as set forth in Sections 14026.5 to 1…

The commissioner, in lieu of suspending or revoking a license issued under this chapter for violations of Sections 14061, 14063, 14064, and 14064.5, may impose a civil penalty not to exceed five hundred dollars ($500) upon a licensee, if the commissioner determines that a penalty…

A loss is either total or partial. (Enacted by Stats. 1935, Ch. 145.)

A total loss is either actual or constructive. (Enacted by Stats. 1935, Ch. 145.)

An actual total loss is caused by: (a) A total destruction of the subject matter of insurance. (b) The loss of the subject matter by sinking, or by being broken up. (c) Any damage to the subject matter which renders it valueless to the owner for the purposes for which he held it.…

A constructive total loss is one which gives to a person insured a right to abandon, under section 1971. (Enacted by Stats. 1935, Ch. 145.)

An actual loss may be presumed from the continued absence of a ship without being heard of. The length of time which is sufficient to raise this presumption depends on the circumstances of the case. (Enacted by Stats. 1935, Ch. 145.)

When a ship is prevented, at an intermediate port and by the perils insured against, from completing the voyage, the master shall make every exertion to procure, in the same or a contiguous port, another ship for the purpose of conveying the cargo to its destination. The liabilit…

In addition to the liability mentioned in section 1965, a marine insurer is liable, up to the amount insured, for damages, expenses of discharging, storage, reshipment, extra freightage, and all other expenses incurred in saving cargo reshipped pursuant to section 1965. (Enacted …

Upon an actual total loss, the insured is entitled to payment without notice of abandonment. (Enacted by Stats. 1935, Ch. 145.)

Where it has been agreed that an insurance upon a particular subject matter, or class of subject matter, is to be free from particular average, a marine insurer is not liable for any particular average loss not depriving the insured of the possession, at the port of destination o…

When insurance is confined in its terms to an actual total loss, it does not cover a constructive total loss, but it does cover any loss which necessarily results in depriving the insured of the possession, at the port of destination, of the entire subject matter insured. (Enacte…

Abandonment, in marine insurance, is the act of the insured by which, after a constructive total loss, he declares the relinquishment to the insurer of the insured’s interest in the subject matter. (Enacted by Stats. 1935, Ch. 145.)

In marine insurance, after abandonment of the subject matter of insurance or of any particular portion thereof which is separately valued by the policy or otherwise separately insured, in a case where the cause of the loss is a peril insured against the insured may recover for a …

An abandonment can not be either partial or conditional. (Enacted by Stats. 1935, Ch. 145.)

An abandonment can be made only at a time limited by all of the following: (a) Within a reasonable time after the information of the loss. (b) After the commencement of the voyage. (c) Before the insured has information of the completion of the voyage. (Enacted by Stats. 1935, Ch…

Where the information upon which an abandonment has been made proves incorrect, or the subject matter of insurance is so far restored when the abandonment is made that there is in fact no total loss, the abandonment is not effective. (Enacted by Stats. 1935, Ch. 145.)

Abandonment is made by giving oral or written notice thereof to the insurer. (Enacted by Stats. 1935, Ch. 145.)

A notice of abandonment shall be explicit, and shall specify the particular cause of the abandonment, but need state only enough to show that there is probable cause therefor, and need not be accompanied with proof of interest or of loss. (Enacted by Stats. 1935, Ch. 145.)

An abandonment can be sustained only upon the cause specified in the notice thereof. (Enacted by Stats. 1935, Ch. 145.)

An abandonment is equivalent to a transfer to the insurer of the insured’s interest, with all the chances of recovery and indemnity. (Enacted by Stats. 1935, Ch. 145.)

Whenever a marine insurer pays for a loss as if it were an actual total loss, he is entitled to whatever remains of the subject matter insured, or its proceeds or salvage, to the same extent as in the case of a formal abandonment. (Enacted by Stats. 1935, Ch. 145.)

Upon an abandonment, acts done subsequent to the loss and in good faith by persons who at the time were the insured’s agents in respect to the subject matter insured, are at the risk of the insurer, and for his benefit. (Enacted by Stats. 1935, Ch. 145.)

An acceptance of an abandonment is not necessary to the rights of the insured, and is not to be presumed from the mere silence of the insurer at the time of receiving notice of abandonment. (Enacted by Stats. 1935, Ch. 145.)

The acceptance of an abandonment, whether express or implied, is conclusive upon the parties and admits the loss and the sufficiency of the abandonment. (Enacted by Stats. 1935, Ch. 145.)

An abandonment once made and accepted is irrevocable, unless the ground upon which it was made proves to be unfounded. (Enacted by Stats. 1935, Ch. 145.)

On an accepted abandonment of a ship, freightage earned previous to the loss belongs to the insurer of the freightage; but freightage subsequently earned belongs to the insurer of the ship. (Enacted by Stats. 1935, Ch. 145.)

If an insurer refuses to accept a valid abandonment, he is liable as upon an actual total loss, after deducting from the amount of the loss any proceeds of the insured subject matter which have come to the hands of the insured. (Enacted by Stats. 1935, Ch. 145.)

If an insured omits to abandon, he may nevertheless recover his actual loss. (Enacted by Stats. 1935, Ch. 145.)

(a) A valuation fraudulent in fact entitles a marine insurer to rescind the contract. (b) When the subject matter has been hypothecated by bottomry or respondentia, before its insurance and without the knowledge of the person actually procuring the insurance, such person may show…

In a case of partial loss, a marine insurer is liable only for such proportion of the amount insured by him as the loss bears to the value of the whole interest of the insured in the subject matter. (Enacted by Stats. 1935, Ch. 145.)

Where profits are separately insured in marine insurance, in case of loss the insured is entitled to recover that proportion of such profits which the value of the subject matter lost bears to the value of the whole. (Enacted by Stats. 1935, Ch. 145.)

In case of a valued policy of marine insurance on freightage or cargo, if only a part of the subject matter is exposed to risk, the valuation applies only in proportion to such part. (Enacted by Stats. 1935, Ch. 145.)

When profits are valued and insured by marine insurance, a loss of them is conclusively presumed from a loss of the property out of which they were expected to arise, and the valuation fixes their amount. (Enacted by Stats. 1935, Ch. 145.)

In estimating a loss under an open policy of marine insurance, the following rules are to be observed: (a) The value of a ship is its value at the beginning of the risk, including all articles or charges which add to its permanent value or which are necessary to prepare it for th…