Information about home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.
Main Page: condo, home insurance, credit, first time homebuyer, insurance, homebuying, homes, home financing, buy home,
Also see related: financial advisor, credit, inventory, stock trading, inventory control, tax advisor, business, money,
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...
Our proprietary algorithm provides many related definitions for each term, helping you better understand the subject.
Monthly Home Term Picks:
Life insurance payable to the policyholder, if living on the maturity date stated in the policy, or to a beneficiary if the insured dies before that date. For example, some Term to age 100 policies offer the option of taking the face amount of the policy as a cash payout at age 100 if the policyholder is still alive and paying all required income taxes on the amount received or leaving the policy to pay out upon death whereupon the payout is tax free.
This is a very common form of life insurance which is found in employee benefit plans and bank mortgage insurance. In employee benefit plans the form of this insurance is usually one year renewable term insurance. The cost of this coverage is based on the average age of everyone in the group. Therefore a group of young people would have inexpensive rates and an older group would have more expensive rates.
One who uses statistical information to evaluate the probability of future events and prices insurance products.
This is the principle which specifies the factors that must be taken into account when calculating dividends. At Canada Life, the key factors are: interest earnings, mortality, and operating expense.
Unlike dividends which are paid to company shareholders, participating insurance policy dividends are not based on the company's overall profits. Rather, they are determined by grouping policies by type and country of issue and looking at how each class contributes to the company's earnings and surplus.
Individual or firm that extends money to a borrower with the expectation of being repaid, usually with interest. Lenders create debt in the form of loans. Lenders include financial institutions, leasing companies government lending agencies and automobile dealers.
Used in older contracts to confer the same rights as an irrevocable beneficiary. Applied to family members.
The date on which the sale of a property becomes final and the new owner usually takes possession.
A condition that must be satisfied before a contract is binding. Inspection and obtaining financing are the two most common.
The value of a homeowner's unencumbered interest in real estate. Equity is the difference between the home's fair market value and the unpaid balance of the mortgage and any outstanding liens. Equity increases as the mortgage is paid down or as the property appreciates.
Vertical members in a railing used between a top rail and bottom rail or the stair treads. Sometimes referred to as "pickets" or "spindles."
Ground level, or the elevation at any given point. Also the work of leveling dirt. Also the designated quality of a manufactured piece of wood.
A projection or the foundation wall used to support a floor girder or stiffen the wall.
Vertical boards between the steps of a stairway.
Helps control the amount of moisture passing through the insulation and collecting inside exterior walls, ceilings and floors.