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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.

 


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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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Cash Surrender Value

This is the amount available to the owner of a life insurance policy upon voluntary termination of the policy before it becomes payable by the death of the life insured. This does not apply to term insurance but only to those policies which have reduced paid up values and cash surrender values. A cash surrender in lieu of death benefit usually has tax implications.


Captive Agent

A licensed insurance agent who sells insurance for only one company.


Incontestable Clause

This clause in regular life insurance policy provides for voiding the contract of insurance for up to two years from the date of issue of the coverage if the life insured has failed to disclose important information or if there has been a misrepresentation of a material fact which would have prevented the coverage from being issued in the first place. After the end of two years from issue, a misrepresentation of smoking habits or age can still void or change the policy.


Mortality Tables

This is a statistical table used by life insurance companies showing the probability of death of male and females at all ages.


Segregated Fund

Sometimes called seg funds, segregated funds are the life insurance industry equivalent to a mutual fund with some differences.The term "Mutual Fund" is often used generically, to cover a wide variety of funds where the investment capital from a large number of investors is "pooled" together and invested into specific stocks, bonds, mortgages, etc.
Since Segregated Funds are actually deferred annuity contracts issued by life insurance companies, they offer probate and creditor protection if a preferred beneficiary such as a spouse is named. Mutual Funds don't have this protection.
Unlike mutual funds, segregated funds offer guarantees at maturity (usually 10 years from date of issue) or death on the limit of potential losses - at times up to 100% of original deposits are guaranteed which makes them an attractive alternative for the cautious and/or long term investor. On the other hand, with regular mutual funds, it is possible to have little or nothing left at death or plan maturity.


CLA

The Canada Life Assurance Company.



Contingencies

Events that are possible, but may or may not happen. Premium rates and acceptance of certain risk are based on contingencies.


Insurance Act

In Canada, a general statute that contains most of the insurance law of a common law province, and regulates the conduct of insurers and insurance agents within the province.


Mortality Rate

The death rates for various age groups of the population.


Personal Line of credit (Credit Insurance)

A bank's commitment to make loans to a borrower up to a specified maximum during a specific period, usually one year.


Single-family home

A detached house.


Furring Strip

Flat piece of lumber used to build up an irregular framing to an even surface, either the leveling of a part of a wall or ceiling.


Poly-Wrap

Polyethylene wrap that encloses Owens Corning MIRAFLEX® insulation, making it comfortable to touch, less likely to itch and irritate, and easier to handle and install. The poly wrap has tiny perforations that allow the insulation to breathe and resist the collection of moisture within the wrap.


Radiant Heat

A heating system which uses hot water, steam pipes or electric resistance coils to heat the floors, walls or the ceilings of a room.


Wall Out

When a painter spray paints the interior of a home.


 

 

 

 

 



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