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:

Dollar Cost Averaging

A way of smoothing out your investment deposits by investing regularly. Instead of making one large deposit a year into your RRSP, you make smaller regular monthly deposits. If you are buying units in a mutual fund or segregated equity fund, you would end up buying more units in the month that values were low and less units in the month that values were higher. By spreading out your purchases, you don't have to worry about buying at the right time.

Life Income Fund

Commonly known as a LIF, this is one of the options available to locked in Registered Pension Plan (RPP) holders for income payout as opposed to Registered Retirement Savings Plan (RRSP) holders choice of payout through Registered Retirement Income Funds (RRIF). A LIF must be converted to a unisex annuity by the time the holder reaches age 80.

Re-entry

This is a provision in some term insurance policies that allow the insured the right to renew the policy at a more favourable rate by providing updated evidence of insurability.

Agent

One who represents Canada Life when providing services to clients

Maturity

The time when a policy or annuity reaches the end of its span.

Rider

An attachment to an insurance policy that becomes part of the insurance contract and expands the benefits payable.

A/C Disconnect

The main electrical ON-OFF switch near the A/C condenser.

Anchor Bolt

Bolt to secure a wooden sill plate to concrete, masonry floor or wall.

Bay Window

A window that projects outward in a curve.

Dentil

One of a series of small projecting rectangular blocks forming a molding under an overhang, most common in colonial-style homes.

Footing

Trenches of poured concrete around the perimeter of the house and below each pier or column that supports and distributes the weight of the house to the ground.

GFI -See Ground Fault Current Interrupter

Metal Flue

A metal channel through which hot air, gas, steam or smoke may pass.

Monolithic Slab

A slab foundation that is part of the footings.

Niche

A recess in a wall, usually designed to contain ornamental statues or other decorations.