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Conversion Right

Term life insurance products are offered as non-convertible or convertible to a certain time in the future. The coversion right has a time limit, usually to the policy holder's age 60 or possibly even age 70. This right means that the policy holder has the right to convert their existing policy to another specific different plan of permanent insurance within the specified time period, without providing evidence of insurability. There is a slightly higher cost for a term policy with the conversion priviledge but it is a valuable feature should a policy holder's health change for the worst and continued insurance coverage becomes a necessity.
Most often this right is also granted to individuals covered under employee group benefit policies where individuals leaving the employee group have a limited amount of time, usually anywhere from 30 to 90 days, to convert to a specific permanent individual policy without evidence of insurability.

Independent Broker

This is a provincial government licensed independent businessperson who usually represents five or more life insurance companies in a sales and service capacity and who is paid a commission by those life insurance companies for sales and service of life insurance products. We for example, have been in business for 12 years and regularly place new business with over twenty different life insurance companies.

Medical Information Bureau

This organization was established in 1902. The Medical Information Bureau (M.I.B.) is a non-profit association of life insurance companies. Its purpose is to detect and deter fraud by providing warnings called, alerts, to member companies. For example, if an insurance applicant advised one insurance company of a heart attack and then applied to another insurance company omitting this history, codes, reported by the first insurance company, indicating a heart attack would alert the second insurance company to the undisclosed history. It is a rarity, however, that the alert is the only notice of a specific medical impairement as most applicants completely disclose their history.

Universal Life

An unbundled Life product with a separate investment component. It typically does not participate in companies profits.

Canada Mortgage and Housing Corporation (CMHC)

The National Housing Act (NHA) authorized Canada Mortgage and Housing Corporation (CMHC) to operate a Mortgage Insurance Fund which protects NHA Approved Lenders from losses resulting from borrower default.

Amps

See Ampere

Balusters

Vertical members in a railing used between a top rail and bottom rail or the stair treads. Sometimes referred to as "pickets" or "spindles."

Bottom Plate

The lowest horizontal member of a wall which rests on the rough floor, to which the studding is nailed.

Builder's Risk Insurance

Insurance coverage on a construction project during construction, including extended coverage that may be added for the contract for the customer's protections.

Draw

The amount of progress billings on a contract that is currently available to a contractor under a contract with a fixed payment schedule.

Monolithic Slab

A slab foundation that is part of the footings.

Portico

A portico (Latin) is a roofed area, open to the air on one or more sides, typically supported on one side by the facade of a building and on the remaining sides by columns or arches. Porticos are common on Federal, Early Classical Revival, Greek Revival, and other houses of the 18th and 19th centuries. The English word porch is derived from portico, and is approximately synonymous.