§ 6401. Definitions. In this article, the following definitions apply
except as otherwise specified:

(a) "Title insurance corporation" means a corporation exercising any
of the powers described in paragraph one or two of subsection (b) of
section six thousand four hundred three of this article.

(b) "Title insurance policy" means any policy or contract insuring or
guaranteeing the owners of real property and chattels real and other
persons interested therein, or having liens thereon, against loss by
reason of encumbrances thereon and defective titles.