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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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.

Canadian Life and Health Insurance Association (CLHIA)

An association of most of the life and health insurance companies in Canada that conducts research and compiles information about the life and health insurance industry in Canada.

Maturity

The time when a policy or annuity reaches the end of its span.

Risk

Calculated chance of loss.

Waiver

Removing liability or responsibility regarding a tangible event.

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.

Tray ceiling

A flat ceiling with a raised center portion.

Air Space

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

Allowance

A sum of money set aside in the construction contract for items which have not been selected and specified in the construction contract. For example, selection of tile as a flooring may require an allowance for an underlayment material, or an electrical allowance which sets aside an amount of money to be spent on electrical fixtures.

Crown Molding

A molding used on cornice or wherever an interior angle is to be covered, especially at the roof and wall corner.

Face Staple

Stapling facing flange to the front side of a stud or rafter, along the 1˝" dimension.

Landing

A platform between flights of stairs or at the termination of a flight of stairs. Often used when stairs change direction. Normally no less than 3 ft. X 3 ft. square.

Stud

An upright piece of lumber or steel in a wall, to which panels, siding, drywall, or other coverings are attached.

Top Plate

The horizontal member nailed to the top of the studding of a wall.

Y

A "Y" shaped plumbing fitting.