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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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In October 1996 it was announced in the international news that scientists had finally located the link between cigarette smoking and lung cancer. In the early 1980's, some Canadian Life Insurance Companies had already started recognizing that non-smokers had a better life expectancy than smokers so commenced offering premium discounts for life insurance to new applicants who have been non-smokers for at least 12 months before applying for coverage. Today, most life insurance companies offer these discounts.
Generally, a suicide clause in a regular life insurance policy provides for voiding the contract of insurance if the life insured commits suicide within two years of the date of issue of the coverage.
This term relates to participating whole life insurance and the use of the dividend to reduce or completely eliminate the need for future premiums. In the 1980's life insurance company's profits from investment were exceedingly high compared to historical experience. It became common for a salesperson to show new prospective clients how quickly his or her insurance company's dividends would cover the future cost of future premiums. In some cases more emphasis was put on the value of future dividends than on the fact that future dividends were not guaranteed and could only be projected based on current earnings. Many life insurance buyers have since learned that the dividends they expected in the 80's no longer exist in the 90's and they are continuing to dig into their pockets to pay insurance premiums.
Insurance or insurability provided on current or future children of insured.
Request for payment of benefits under the terms of an insurance policy.
Inability to work due to injury or sickness.
A promise that a life insurance policy will be renewed without penalty or medical examination after the term has expired. The renewal rate can also be guaranteed.
Withdrawals generated by a company (with client's permission) against a client's bank account on a predetermined schedule for a predetermined amount.
The date on which the sale of a property becomes final and the new owner usually takes possession.
A mixture of sand and stone and a major component of concrete.
A home that has two levels. Typically, a garage or storage area is situated in the lower level and the home in the upper section.
The projecting overhang at the lower edge of a roof.
A crossbeam above a window or door.
A sewage disposal system composed of a septic tank and a connected cesspool.
The operating or movable part of a window; the sash is made of window panes and their border.