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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Contribution Principle

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.

Issue

When an item is approved and released for sale, or when a policy or sales contract is accepted.

Level Premium

A premium that remains unchanged throughout the life of a policy

Underwriting

Evaluating and classifying potential risk of a client.

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.

Appraisal

A written report by a qualified appraiser estimating the value of a property.

CC&Rs

Covenants, conditions and restrictions, which control the use of the property.

Patio home

Small, single-family home with a patio.

Air Space

The area between insulation facing and interior of exterior wall coverings. Normally a 1" air gap.

Amps

See Ampere

Fiber Glass Insulation

An energy-efficient glass fiber product manufactured by Owens Corning to ensure the best thermal and noise control performance available.

Forced Air Heating

A common form of heating with natural gas, propane, oil or electricity as a fuel. Air is heated in the furnace and distributed through a set of metal ducts to various areas of the house.

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.

Low-Voltage System

Provides security, entertainment, communications, environmental control, networking, and other functions generally powered by a signal cable, phone line or data cable. Is not typically metered.

Sump

A pit in the basement in which water collects to be pumped out with a sump pump.