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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Errors and Omissions Insurance

Insurance coverage purchased by the agent/broker which provides protection against loss incurred by a client because of some negligent act, error, oversight, or omission by the agent/broker.

Non-Medical Limit

This is the maximum value of a policy that an insurance company will issue without the applicant taking a medical examination, although medical questions are invariably asked during the application process. When a non-medical issue is made through group insurance, in most cases, medical data is not requested at all.

Waiver of Premium

This is an option available to the applicant for life insurance which sets certain conditions under which an insurance policy will be kept in full force by the insurance company without the payment of premiums. Very specifically, a life insured would have to become totally disabled through injury or illness for a period of six months before the benefit kicks in. When it does, the insurance company retroactively pays premiums from the beginning of the disability until the time the insured is able to perform some form of regular activity. 'Totally disabled' is highlited here, because that is what is required to receive this benefit.

Automatic Waiver of Premium

A benefit that automatically forfeits premium payments.

Issue Date

Date on which a policy is approved.

Surrender

Give up certain rights under a policy, or give up the policy itself.

Amortization

A method of paying off the mortgage which pays part of the principal along with interest, rather than just paying off the interest first.

Lanai

A roofed patio.

Lock

Fixing of an interest rate or points at a certain level.

Awning Windows

Single level windows that tilt outward and up.

Balustrade

The rail, posts and vertical balusters along the edge of a stairway or elevated walkway.

Concrete Block

A hollow concrete 'brick' often 8" x 8" x 16" in size. Often used in low rise commercial and some residential construction. The original design and use is attributed to the architect Frank Lloyd Wright.

Flashing

The building component used to connect portions of a roof, deck, or siding material to another surface such as a chimney, wall, or vent pipe. Often made out of various metals, rubber or tar and is mostly intended to prevent water entry.

Soffit

The underside of the roof overhang or porch ceiling that covers the rafter bottoms. This horizontal surface usually has vents to allow air into the attic.

Un-faced Insulation

Insulation with no attached vapor retarder.