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Viatical Settlement

A dictionary meaning for the word viatica is "the eucharist as given to a dying person or to one in danger of death". In the context of Viatical Settlement it means the selling of one's own life insurance policy to another in exchange for an immediate percentage of the death benefit. The person or in many cases, group of persons buying the rights to the policy have high expectation of the imminent death of the previous owner. The sooner the death of the previous owner, the higher the profit. Consumer knowledge about this subject is poor and little is known about the entities that fund the companies that purchase policies. People should be very careful when considering the sale of their policy, and they should remember a sale of their life insurance means some group of strangers now owns a contract on their life. If a senior finds it difficult to pay for an insurance policy it might be a better choice to request that current beneficiaries take over the burden of paying the premium. The practice selling personal life insurance policies common in the United States and is spilling over into Canada. It would appear to have a definite conflict with Canada's historical view of 'insurable interest'.

Yearly Renewable Term Insurance

Sometimes, simply called YRT, this is a form of term life insurance that may be renewed annually without evidence of insurability to a stated age.

Guaranteed Interest Annuity (GIA)

Interest bearing investment with fixed rate and term.

Term Life

A product that provides life coverage for a specified duration typically not beyond the age of 75.

Unearned Premium

Premiums paid for coverage not yet provided.

Air Space

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

Anchor Bolt

Bolt to secure a wooden sill plate to concrete, masonry floor or wall.

Built-Up Roof

A roofing composed of three to five layers of asphalt felt laminated with coal tar, pitch, or asphalt. The top is finished with crushed slag or gravel. Generally used on flat or low-pitched roofs.

Bundle

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

Crawlspace Vent

An opening to allow the passage of air through the unexcavated area under a first floor. Ideally there should be at least two vents per crawlspace.

Draw

The amount of progress billings on a contract that is currently available to a contractor under a contract with a fixed payment schedule.

Load-Bearing Point

A point where a bearing or structural weight is concentrated and transferred to the foundation.

Radiant Heat

A heating system which uses hot water, steam pipes or electric resistance coils to heat the floors, walls or the ceilings of a room.

Reinforcing Bar

See Rebar

Septic Tank

A sewage settling tank in which part of the sewage is converted into gas and sludge before the remaining waste is discharged by gravity into a leaching bed underground.

Related to : home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.