Home Terms Main Page

This site contains comprehensive definitions for a wide range of terms that cover topics such as home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo...

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Term Life Insurance

A plan of insurance which covers the insured for only a certain period of time and not necessarily for his or her entire life. The policy pays a death benefit only if the insured dies during the term.

Creditor (Credit Insurance)

A lender or lending institution that offers financing and loans to a borrower, for the purpose of acquiring a commodity.

Multiple Lives

Two or more death benefits based on one definition with different insureds.

Personal Line of credit (Credit Insurance)

A bank's commitment to make loans to a borrower up to a specified maximum during a specific period, usually one year.

Preferred Beneficiary

Used in older contracts to confer the same rights as an irrevocable beneficiary. Applied to family members.

RRSP

Registered Retirement Savings Plan - A plan enabling Canadian citizens to establish tax-sheltered accounts to accumulate money towards retirement.

Valuation

Estimation of worth.

Mortgage Term

The number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years.

CBS

Concrete block and stucco.

Townhouse

One of a row of houses connected with common side walls.

Backfill

The replacement of excavated earth into a trench around or against a basement or crawlspace foundation wall.

Cantilever

A projecting structure supported on one end, such as a balcony.

Daisy Chain

A wiring scheme in which device A is wired to device B, device B is wired to device C, etc. The last device is normally wired to a switch or circuit breaker.

Porte-cochere

A carriage entrance leading through a building or wall into an inner courtyard. Also, a roofed structure covering a driveway at the entrance of a building to provide shelter while entering or leaving a vehicle.

Roof Valley

The "V" created where two sloping roofs meet.