What typically follows the completion of an application in the contract process?

After the completion of an application in the contract process, the next logical step is the issuance of the policy. This follows because once the application is submitted, the underwriting process begins whereby the insurer assesses the information provided. If the application meets the necessary criteria and underwriting guidelines, a title insurance policy is issued to protect against potential ownership disputes and claims.

The issuance of the policy is crucial as it provides formal documentation of coverage, defining the rights and responsibilities of the insured and the insurer. This step is what ultimately solidifies the agreement and ensures that the insured is protected against specific risks related to title issues.

While the review by the broker may occur prior to issuing the policy, its primary purpose is to ensure the application is complete and accurate, rather than being a formal step in the issuance process itself. Cancellation of the application may occur under certain circumstances, such as identified issues, but is not a standard follow-up action. Likewise, the issuance of a premium does not typically directly follow the application; instead, it is related to the financial aspect of the insurance transaction, often occurring alongside or after the issuance of the policy.