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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Co-insurance

In medical insurance, the insured person and the insurer sometimes share the cost of services under a policy in a specified ratio, for example 80% by the insurer and 20% by the insured. By this means, the cost of coverage to the insured is reduced.

Benefit Value

The amount of cash payable on a benefit.

Claim

Request for payment of benefits under the terms of an insurance policy.

Conversion

The act of changing from one type of life insurance policy to another, without having to give evidence of insurability.

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.

Underwriter

Person that uses various types of evidence to evaluate the insurability of a client.

Unearned Premium

Premiums paid for coverage not yet provided.

Open Mortgage

A mortgage which can be prepaid at any time, without penalty.

Veranda

Long covered porch.

A/C Condenser

The outside fan unit of the air conditioning system. It removes the heat from the freon gas, "turns" the gas back into a liquid, and pumps the liquid back to the coil in the furnace.

Crown Molding

A molding used on cornice or wherever an interior angle is to be covered, especially at the roof and wall corner.

Insulated Ceiling (I.C.)

Marking on recessed lighting fixture indicating that it is designed for direct insulation contact.

Load-Bearing Point

A point where a bearing or structural weight is concentrated and transferred to the foundation.

Siding

See Lap Siding

Yoke

The location where a home's water meter is sometimes installed between two copper pipes, and located in the water meter pit in the yard.