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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Accrued Income

Income that has been earned but not yet received. For instance, if you have a non-registered Guaranteed Investment Certificate (GIC), Mutual Fund or Segregated Equity Fund, growth accrues annually or semi-annually and is taxable annually even though the gain is only paid at maturity of your investment.

First To Die Coverage

This means that there are two or more life insured on the same policy but the death benefit is paid out on the first death only. If two or more persons at the same address are purchasing life insurance at the same time, it is wise to compare the cost of this kind of coverage with individual policies having a multiple policy discount.

Death Benefit

Amount paid on death of an insured.

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.

Illustration

An illustration is a computer-generated spreadsheet that takes into account a number of assumptions in order to show how a specific policy might perform for a specific individual.

Appraisal

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

Barge

A horizontal beam rafter that supports shorter rafters.

Buck

Often used in reference to rough frame opening members. Door bucks used in reference to metal door frame. See Window Buck.

Emittance

Emittance refers to the ability of the surface to emit radiant energy. Emissivity ranges from 0 to 1 and a lower value indicates a reflective surface with a low level of radiation.

Glass Fiber

Glass in a strand form. The ingredients are essentially the same that go into any glass product such as a window pane or drinking glass.

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.

Nonbearing Wall

A wall supporting no load other than its own weight.

Rake

Refers to the slope of the roof at the end of a gable, where the outside part of the overhang forms an upside down V.

Rebar

Ribbed steel bars installed in foundation concrete walls, footers, and poured in place concrete structures designed to strengthen concrete. Comes in various thickness' and strength grade.

Riser

Vertical boards between the steps of a stairway.