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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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Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.
Insurance that is offered to individuals rather than groups.
The death rates for various age groups of the population.
Period between two policy anniversaries.
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.
Withdrawals generated by a company (with client's permission) against a client's bank account on a predetermined schedule for a predetermined amount.
A group of insureds who present similar risk to the insurance company. Risk classes include - standard, preferred, nonsmoker, substandard, uninsurable.
Person that uses various types of evidence to evaluate the insurability of a client.
The difference between the price for which a home could be sold (market value) and the total debts registered against it.
This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.
Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.
The replacement of excavated earth into a trench around or against a basement or crawlspace foundation wall.
A tube or duct for enclosing electric wires or other cables.
A structural beam composed of wood laminations or lams. The lams are pressure bonded with adhesives to attain a typical thickness of 1 ˝" . (It looks like 5 or more 2 X 4's are glued together).
A condition which can occur with snow and freezing conditions. When snow or ice melts on a roof over a heated or partially heated attic space, the melting water may refreeze over an unheated areas such as a roof overhang. This re-frozen water may create a "dam" and allow additional melt water to back up under shingles and cause leaks (Illustration "A"). Solutions include: proper roof venting and insulation (Illustration "B"), membrane roofing or roofing underlayment, and heat tapes. Once an ice dam occurs, remedies are difficult and or dangerous. Working on a frozen roof should be avoided, as should the use of any open flames. The use of hot water to melt the ice may help, it may also increase the amount of leakage.