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Information about home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.

 


Main Page: condo, homes, first time homebuyer, home buyer, buy home, credit, property, homebuying, real estate,

 

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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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Monthly Home Term Picks:

Equity-based insurance

Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.


Individual Insurance

Insurance that is offered to individuals rather than groups.


Mortality Rate

The death rates for various age groups of the population.


Policy Year

Period between two policy anniversaries.


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.


Pre-Authorized Cheque (PAC)

Withdrawals generated by a company (with client's permission) against a client's bank account on a predetermined schedule for a predetermined amount.



Risk class

A group of insureds who present similar risk to the insurance company. Risk classes include - standard, preferred, nonsmoker, substandard, uninsurable.


Underwriter

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


Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.


Porting

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.


Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.


Backfill

The replacement of excavated earth into a trench around or against a basement or crawlspace foundation wall.


Conduit

A tube or duct for enclosing electric wires or other cables.


Glued Laminated Beam (Glulam)

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).


Ice Dam

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.


 

 

 

 

 



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