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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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A signed statement of facts made by a person applying for life insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.
This is a very important rule to know. The rule is that the number 72 divided by the rate of return of your investment equals the number of years it takes for your investment to double.
Sometimes called seg funds, segregated funds are the life insurance industry equivalent to a mutual fund with some differences.The term "Mutual Fund" is often used generically, to cover a wide variety of funds where the investment capital from a large number of investors is "pooled" together and invested into specific stocks, bonds, mortgages, etc.
The act of changing from one type of life insurance policy to another, without having to give evidence of insurability.
Age of an insured as at the policy issue date, using "age nearest" next birthday formula.
Annual or monthly amounts payable, by a client, for a selected insurance coverage to insure debt obligations to their creditors are protected.
A document setting out instruments registered against the title to the property, e.g. deed, mortgages, etc.
An offer to buy the property as outlined in the offer to purchase with no conditions attached.
A condition that must be satisfied before a contract is binding. Inspection and obtaining financing are the two most common.
A room with no specifically designated function, unlike a living room, bedroom, or kitchen. Is not included in the initial square footage.
A device which uses compression and decompression of gas to heat and/or cool a house.
The material will not burn. The glass fibers in PINK fiber glass insulation have a natural fire resistance, and are considered non-combustible when tested in accordance to ASTM E136.
Thin tapered piece of wood used for leveling or tightening a stair or other building element.
See Lap Siding