FNTIC ALTA Policy Comparisons

ALTA LOAN POLICY COMPARISON CHART This comparison chart is intended as a guide to identifying differences between the 2021 and 2006 ALTA policies. It should not be relied upon for the interpretation of these policies. Updated 07-14-2021 ALTA LOAN POLICY COMPARISON CHART Page | 20 2006 ALTA LOAN POLICY 2021 ALTA LOAN POLICY COMPARISON (v. 7-30-2021) COMMENTS (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. (c). The Company shallis not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. SAME. d. An Insured Claimant must own the Indebtedness or have acquired the Title at the time that a claim under this policy is paid. NEW PROVISION. e. The Company is not liable for the content of the Transaction Identification Data, if any. NEW PROVISION. The “Transaction Identification Data” is transaction information that is not insured. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITYINSURANCE IMPROVED. (a) All payments under this policy, except payments made for costs, attorneys’ fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. However, any payments made prior to the acquisition of Title as provided in Section 2 of these Conditions shall not reduce the Amount of Insurance afforded under this policy except to the extent that the payments reduce the Indebtedness. (a). All payments under this policy, except payments made for costs, attorneys’ fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. However, any payments made by the Company prior to the acquisition of the Title as provided in Section 2 of these ConditionsCondition 2 shalldoes not reduce the Amount of Insurance afforded under this policy, except to the extent that the payments reduces the Indebtedness. SAME. b. When the Title is acquired by the Insured as a result of foreclosure or deed in lieu of foreclosure, the amount credited against the Indebtedness does not reduce the Amount of Insurance. IMPROVED. The 2021 ALTA Loan Policy provides that the amount credited against the Indebtedness as a result of a foreclosure or deed in lieu of foreclosure does not reduce the Amount of Insurance. (b) The voluntary satisfaction or release of the Insured Mortgage shall terminate all liability of the Company except as provided in Section 2 of these Conditions. (b)c. The voluntary satisfaction or release of the Insured Mortgage shall terminateterminates all liability of the Company, except as provided in Section 2 of these ConditionsCondition 2. SAME. 11. PAYMENT OF LOSS 11. PAYMENT OF LOSS SAME. When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. When liability and the extent of loss or damage have been definitely fixedare determined in accordance with thesethe Conditions, the payment shall be madeCompany will pay the loss or damage within 30 days. SAME. 12. RIGHTSOF RECOVERY UPON PAYMENT OR SETTLEMENT 12. COMPANY’S RIGHTS OF RECOVERY AND SUBROGATION RIGHTS UPON SETTLEMENT AND PAYMENT OR SETTLEMENT SIMILAR. (a) The Company's Right to Recover (a). The Company’s Right to Recover SAME.