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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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This is the person designated to become the new owner of a life insurance policy if the original owner dies before the life insured.
The creditor proof status of such things as life insurance, non-registered life insurance investments, life insurance RRSPs and life insurance RRIFs make these attractive products for high net worth individuals, professionals and business owners who may have creditor concerns. Under most circumstances the creditor proof rules of the different provincial insurance acts take priority over the federal bankruptcy rules.
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.
Insurance that provides protection against an economic loss caused by death of the person insured.
A policy offers the potential of sharing in the success of an insurance company through the receipt of dividends.
Calculated chance of loss.
A pool of assets held by the insurer, to back a specific liability to a policyholder. Segregated Funds flucuate in value depending on the market value of a specific group of assets the company must maintain separately.
Mortgage Critical Illness Insurance is available as an enhancement to Mortgage Life Insurance. It is usually underwritten by the Assurance Company. Complete details of benefits, exclusions and limitations are contained in the Certificate of Insurance. It is recommended for all mortgagors. It can pay off your mortgage -- up predefined limit -- if you are diagnosed with life-threatening cancer, heart attack or stroke.
Single level windows that tilt outward and up.
A home that has two levels. Typically, a garage or storage area is situated in the lower level and the home in the upper section.
The empty space between studs or joists to place insulation batts.
A rigid metal or flexible insulated tube, designed to deliver air to and from a furnace or other air-handling unit.
A small trim molding that has the cross section of a quarter circle.
An upright piece of lumber or steel in a wall, to which panels, siding, drywall, or other coverings are attached.
The section of a building that is served by one heating or cooling loop because it has noticeably distinct heating or cooling needs. Also, the section of property that will be watered from a lawn sprinkler system.