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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Dead Peasants Insurance

Also known as "Dead Janitors Insurance", this is the practice, where allowed, in several U.S. states, of numerous well known large American Corporations taking out corporate owned life insurance policies on millions of their regular employees, often without the knowledge or consent of those employees. Corporations profiting from the deaths of their employees [and sometimes ex-employees] have attracted adverse publicity because ultimate death benefits are seldom, even partially passed down to surviving families.

Accidental Death and Dismemberment

Coverage that provides a lump-sum payment to you or your survivors if an accident results in the loss of a limb, paralysis or your death.

Indemnity

A type of contract in which the amount of the benefit to be paid is based on the actual amount of financial loss determined at the time of the loss - for example, hospital expense insurance.

Irrevocable Beneficiary

Legal designation that cannot be contested. (See beneficiary)

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.

Term

The time period during which a policy is in force, or the time it takes for a policy to reach maturity.

Total Debt Service (TDS) Ratio

The percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 37% of gross monthly income.

Jumbo loan

A loan that exceeds the amount acceptable for sale in secondary market.

A/C Condenser

The outside fan unit of the air conditioning system. It removes the heat from the freon gas, "turns" the gas back into a liquid, and pumps the liquid back to the coil in the furnace.

Barge Board

A decorative board covering the projecting rafter (fly rafter) of the gable end. At the cornice, this member is a fascia board.

Elevations

The exterior view of a home design that shows the position of the house relative to the grade of the land.

Glass Fiber

Glass in a strand form. The ingredients are essentially the same that go into any glass product such as a window pane or drinking glass.

Radiant Barrier System

A Radiant Barrier System (RBS) is a building section that includes a radiant barrier facing an air space.

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.

Zoning

A governmental process and specification which limits the use of a property e.g. single family use, high-rise residential use, industrial use, etc. Zoning laws may limit where you can locate a structure. Also see Building Code.