A pool insurance policy is a policy of mortgage guaranty insurance which insures the individual loans in a pool of mortgage loans that are secured by real property in California and that collarteralize a mortgagebacked security and which covers the losses on individual loans, subject to an aggregate loss limit, for the benefit of the insured or its named beneficiary.

History

1. New section filed 8-23-78; effective thirtieth day thereafter (Register 78, No. 34).