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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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Deferred Annuity

An annuity providing for income payments to commence at a specified future time.

Independent Broker

This is a provincial government licensed independent businessperson who usually represents five or more life insurance companies in a sales and service capacity and who is paid a commission by those life insurance companies for sales and service of life insurance products. We for example, have been in business for 12 years and regularly place new business with over twenty different life insurance companies.

Evidence of Insurability

Evidence submitted to Canada Life that is used to determine whether an individual is eligible for the insurance coverage the individual has applied for.

Issue Date

Date on which a policy is approved.

Mortality Rate

The death rates for various age groups of the population.

Valuation Date

Date on which valuation occurs.

Blended Payments

Payments consisting of both a principal and an interest component, paid on a regular basis (e.g. weekly, biweekly, monthly) during the term of the mortgage. The principal portion of payment increases, while the interest portion decreases over the term of the mortgage, but the total regular payment usually does not change.

Bundle

A package of shingles. Normally, there are 3 bundles per square and 27 shingles per bundle.

Concrete Block

A hollow concrete 'brick' often 8" x 8" x 16" in size. Often used in low rise commercial and some residential construction. The original design and use is attributed to the architect Frank Lloyd Wright.

Convection

Convection is the transfer of heat in fluid or air, caused by the movement of the heated air or fluid itself. In a building space, warm air rises and cold air settles to create a convection loop and is termed free convection. Convection can also be caused mechanically by a fan and is termed forced convection.

Dentil

One of a series of small projecting rectangular blocks forming a molding under an overhang, most common in colonial-style homes.

Flashing

The building component used to connect portions of a roof, deck, or siding material to another surface such as a chimney, wall, or vent pipe. Often made out of various metals, rubber or tar and is mostly intended to prevent water entry.

Inset Staple

Stapling to the inside portion of the stud or rafter.

Load-Bearing Wall

Includes all exterior walls and any interior wall that is aligned above a support beam or girder. Normally, any wall that has a double horizontal top plate.

Subfloor

The structural material that spans across floor joists. It serves as a working platform during construction and provides a base for the finish floor.