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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Backdating

A procedure for making the effective date of a policy earlier than the application date. Backdating is often used to make the age of the consumer at policy issue lower than it actually was in order to get a lower premium.

Insured

This is the person covered by the life insurance policy. Upon this person's death, a tax free benefit will be paid to that person's estate or a named beneficiary.

Life Expectancy

The average number of years of life remaining for a group of people of a given age and gender according to a particular mortality table.

Living Will

This is a will which specifically expresses the testator's desire not to be kept alive on life support machines, should the occasion arise.

Policyholder

This is the person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation. There are instances in marriage breakup (or relationship breakup with dependent children) where appropriate life insurance on the support provider, owned and paid for by the ex-spouse receiving the support is an acceptable method of ensuring future security.

Life Underwriter

Insurance Agent.

Mortgage (Credit Insurance)

An agreement between a creditor and a borrower, where the creditor has loaned an amount to the borrower for purposes of purchasing a loan secured by a home.

Cash reserves

The money the buyer has left over after the down payment and all those closing costs.

Architect

One who has completed a course of study in building and design, and is licensed by the state as an architect. One who draws up plans and sometimes supervises the construction of homes.

Clerestory

An outside wall of a room or building that rises above an adjoining roof and contains windows.

Kraft-Faced Vapor Retarder

Created by coating kraft paper with a thin layer of asphalt adhesive. The coated side of the kraft paper is then applied to the unfaced insulation material. The asphalt adhesive bonds the kraft paper and the insulation together.

Lap Siding

Slightly wedge-shaped boards used as horizontal siding in a lapped pattern over the exterior sheathing. Varies in butt thickness from ½ to ¾ inch and in widths up to 12".

Overhang

Part of the roof that hangs over the wall.

Patio

An interior courtyard or a paved backyard area.

Pilaster

A projection or the foundation wall used to support a floor girder or stiffen the wall.