Florida Statutes

Fla. Stat. § 635.011 (2025)

Definitions.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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635.011 Definitions.—As used in this chapter, the term:

(1) “Mortgage guaranty insurance” means a form of casualty insurance insuring lenders against:

(a) Financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note, bond, or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a lien or charge on real estate which contains a residential building or a building designed to be occupied for industrial or commercial purposes.

(b) Financial loss by reason of nonpayment of rent and other sums agreed to be paid under the terms of a written lease for the possession, use, or occupancy of real estate, provided such real estate is designed to be occupied for industrial or commercial purposes.

(2) “Contingency reserve” means a special premium reserve which is in addition to other premium reserves required by law and which is established for the protection of policyholders against the effect of adverse economic cycles.

History.—s. 1, ch. 59-182; ss. 13, 35, ch. 69-106; s. 1, ch. 71-151; s. 269, ch. 71-377; s. 2, ch. 81-318; ss. 1, 11, 12, ch. 83-281; ss. 1, 5, ch. 93-21; s. 1517, ch. 2003-261.

Notes of Decisions

Cited in 2 cases, 1988–1994 · leading case: Home Guar. Ins. v. Numerica Fin. Servs., Inc., 835 F.2d 1354 (11th Cir. 1988).

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Home Guar. Ins. v. Numerica Fin. Servs., Inc., 835 F.2d 1354 (11th Cir. 1988). · cites it 2× “Fla.Stat. § 635.011 (1985). The borrower pays a premium to the mortgage *1355 insurance company for the benefit of the lender.”

Fed. Deposit Ins. Corp. v. Verex Assurance, Inc., 645 So. 2d 427 (Fla. 1994). · cites it 4× “As noted by Verex, section 635.011, Florida Statutes (1981), defines mortgage guaranty insurance as a form of casualty or surety insurance.”

— 635.011(1) — 1 case

Home Guar. Ins. v. Numerica Fin. Servs., Inc., 835 F.2d 1354 (11th Cir. 1988). “Fla.Stat. § 635.011 (1985). The borrower pays a premium to the mortgage *1355 insurance company for the benefit of the lender.”

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