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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Co-insurance

In medical insurance, the insured person and the insurer sometimes share the cost of services under a policy in a specified ratio, for example 80% by the insurer and 20% by the insured. By this means, the cost of coverage to the insured is reduced.

Life Expectancy

The average number of years of life remaining for a group of people of a given age and gender according to a particular mortality table.

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.

Reinstatement

This is the restoration of a lapsed life insurance policy. The life insurance company will require evidence of continuing good health and the payment of all past due premiums plus interest.

Automatic Benefits Payment

Automatic payment of moneys derived from a benefit.

Cash Surrender Value

Benefit that entitles a policy owner to an amount of money upon cancellation of a policy.

COLA

Cost of living adjustment.

Appraisal Value

An estimate of the market value of the property.

Anchor Bolt

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

Coffered Ceiling

A ceiling with recessed square panels, bordered with trim for ornamental purposes.

Crawlspace Foundation

The space between the ground and the first floor of a home, usually no higher than four feet.

Cross Bracing

A system of bracing by the use of ties. Typically used between floor joists to prevent them from twisting.

Emittance

Emittance refers to the ability of the surface to emit radiant energy. Emissivity ranges from 0 to 1 and a lower value indicates a reflective surface with a low level of radiation.

Insulated Ceiling (I.C.)

Marking on recessed lighting fixture indicating that it is designed for direct insulation contact.

Wire Nut

A plastic device used to connect bare wires together.