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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Reinstatement

This is the restoration of a lapsed life insurance policy. The life insurance company will require evidence of continuing good health and the payment of all past due premiums plus interest.

Actuary

One who uses statistical information to evaluate the probability of future events and prices insurance products.

Amortization (Credit Insurance)

Refers to the reduction of debt by regular payments of interest and principal in order to pay off a loan by maturity.

Duration

The time it takes for a policy or annuity to reach maturity.

Individual Insurance

Insurance that is offered to individuals rather than groups.

Life Insurance

Insurance that provides protection against an economic loss caused by death of the person insured.

Policyowner

The person who owns and holds all rights under the policy, including the power to name and change beneficiaries, make a policy loan, assign the policy to a financial institution as collateral for a loan, withdraw funds or surrender the policy.

Deposit

A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor's agent, broker, lawyer or notary until the closing of the transaction.

Prepayment Option

The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.

Escrow account

Most lenders set up this account that receives monthly payments from home buyers to pay for obligations such as insurance, taxes and assessments.

Assumption

Allows a buyer to assume responsibility for an existing loan instead of getting a new loan. The assumption may have to be approved by the lender.

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.

Fascia

Horizontal boards attached to rafter/truss ends at the eaves and along gables. Roof drain gutters are attached to the fascia.

Poly-Wrap

Polyethylene wrap that encloses Owens Corning MIRAFLEX® insulation, making it comfortable to touch, less likely to itch and irritate, and easier to handle and install. The poly wrap has tiny perforations that allow the insulation to breathe and resist the collection of moisture within the wrap.

Stick-Built Home

A house built without prefabricated parts. Also called conventional building.