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Information about 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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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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Contingent Owner

This is the person designated to become the new owner of a life insurance policy if the original owner dies before the life insured.


Creditor Proof Protection

The creditor proof status of such things as life insurance, non-registered life insurance investments, life insurance RRSPs and life insurance RRIFs make these attractive products for high net worth individuals, professionals and business owners who may have creditor concerns. Under most circumstances the creditor proof rules of the different provincial insurance acts take priority over the federal bankruptcy rules.
The provincial insurance acts protect life insurance products which have a family class beneficiary. Family class beneficiaries include the spouse, parent, child or grandchild of the life insured, except in Quebec, where creditor protection rules apply to spouse, ascendants and descendants of the insured. Investments sold by other financial institutions do not offer the same security should the holder go bankrupt. There are also circumstances under which the creditor proof protections do not hold for life insurance products. Federal bankruptcy law disallows the protection for any transfers made within one year of bankruptcy. In addition, should it be found that a person shifted money to an insurance company fund in bad faith for the specific purpose of avoiding creditors, these funds will not be creditor proof.


First To Die Coverage

This means that there are two or more life insured on the same policy but the death benefit is paid out on the first death only. If two or more persons at the same address are purchasing life insurance at the same time, it is wise to compare the cost of this kind of coverage with individual policies having a multiple policy discount.


Life Insurance

Insurance that provides protection against an economic loss caused by death of the person insured.


Participating Policy

A policy offers the potential of sharing in the success of an insurance company through the receipt of dividends.


Risk

Calculated chance of loss.



Segregated Fund

A pool of assets held by the insurer, to back a specific liability to a policyholder. Segregated Funds flucuate in value depending on the market value of a specific group of assets the company must maintain separately.


Mortgage Critical Illness Insurance

Mortgage Critical Illness Insurance is available as an enhancement to Mortgage Life Insurance. It is usually underwritten by the Assurance Company. Complete details of benefits, exclusions and limitations are contained in the Certificate of Insurance. It is recommended for all mortgagors. It can pay off your mortgage -- up predefined limit -- if you are diagnosed with life-threatening cancer, heart attack or stroke.


Awning Windows

Single level windows that tilt outward and up.


Bi-Level

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.


Cavity

The empty space between studs or joists to place insulation batts.


Duct

A rigid metal or flexible insulated tube, designed to deliver air to and from a furnace or other air-handling unit.


Quarter Round

A small trim molding that has the cross section of a quarter circle.


Stud

An upright piece of lumber or steel in a wall, to which panels, siding, drywall, or other coverings are attached.


Zone

The section of a building that is served by one heating or cooling loop because it has noticeably distinct heating or cooling needs. Also, the section of property that will be watered from a lawn sprinkler system.


 

 

 

 

 



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