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Definition of Cash reserves
The money the buyer has left over after the down payment and all those closing costs.
This is the amount available to the owner of a life insurance policy upon voluntary termination of the policy before it becomes payable by the death of the life insured. This does not apply to term insurance but only to those policies which have reduced paid up values and cash surrender values. A cash surrender in lieu of death benefit usually has tax implications.
Benefit that entitles a policy owner to an amount of money upon cancellation of a policy.
As the term dividend relates to a corporation's earnings, a dividend is an amount paid per share from a corporation's after tax profits. Depending on the type of share, it may or may not have the right to earn any dividends and corporations may reduce or even suspend dividend payments if they are not doing well. Some dividends are paid in the form of additional shares of the corporation. Dividends paid by Canadian corporations qualify for the dividend tax credit and are taxed at lower rates than other income.
The sum of all the interest options in your policy, including interest.
An amount of money invested plus the interest earned on that money.
The amount of cash payable on a benefit.
Give up certain rights under a policy, or give up the policy itself.
Expense charges applied when the owner of a policy surrenders a policy for its cash value.
An estimate of the market value of the property.
The dollar value of an asset assigned by a public tax assessor for the purposes of taxation.
A measure of insulation. A measure of a material's resistance to the passage of heat. The higher the R value, the more insulating "power" it has. For example, typical new home's walls are usually insulated with 4" of batt insulation with an R value of R-13, and a ceiling insulation of R-30.
This subject of replacement of existing policies is covered because sometimes existing life insurance policies are unnecessarily replaced with new coverage resulting in a loss of valuable benefits. If someone suggests replacing your existing coverage, insist on having a comparison disclosure statement completed.
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