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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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Term life insurance products are offered as non-convertible or convertible to a certain time in the future. The coversion right has a time limit, usually to the policy holder's age 60 or possibly even age 70. This right means that the policy holder has the right to convert their existing policy to another specific different plan of permanent insurance within the specified time period, without providing evidence of insurability. There is a slightly higher cost for a term policy with the conversion priviledge but it is a valuable feature should a policy holder's health change for the worst and continued insurance coverage becomes a necessity.
This is a provincial government licensed independent businessperson who usually represents five or more life insurance companies in a sales and service capacity and who is paid a commission by those life insurance companies for sales and service of life insurance products. We for example, have been in business for 12 years and regularly place new business with over twenty different life insurance companies.
This organization was established in 1902. The Medical Information Bureau (M.I.B.) is a non-profit association of life insurance companies. Its purpose is to detect and deter fraud by providing warnings called, alerts, to member companies. For example, if an insurance applicant advised one insurance company of a heart attack and then applied to another insurance company omitting this history, codes, reported by the first insurance company, indicating a heart attack would alert the second insurance company to the undisclosed history. It is a rarity, however, that the alert is the only notice of a specific medical impairement as most applicants completely disclose their history.
An unbundled Life product with a separate investment component. It typically does not participate in companies profits.
The National Housing Act (NHA) authorized Canada Mortgage and Housing Corporation (CMHC) to operate a Mortgage Insurance Fund which protects NHA Approved Lenders from losses resulting from borrower default.
Vertical members in a railing used between a top rail and bottom rail or the stair treads. Sometimes referred to as "pickets" or "spindles."
The lowest horizontal member of a wall which rests on the rough floor, to which the studding is nailed.
Insurance coverage on a construction project during construction, including extended coverage that may be added for the contract for the customer's protections.
The amount of progress billings on a contract that is currently available to a contractor under a contract with a fixed payment schedule.
A slab foundation that is part of the footings.
A portico (Latin) is a roofed area, open to the air on one or more sides, typically supported on one side by the facade of a building and on the remaining sides by columns or arches. Porticos are common on Federal, Early Classical Revival, Greek Revival, and other houses of the 18th and 19th centuries. The English word porch is derived from portico, and is approximately synonymous.
A man-made or machine-made clay tile used to finish a floor or wall. Generally 6" X 6" X 1/4" thick.
A concave molding.
The positioning of a house near or on top of the lot boundary, resulting in little or no space between houses.