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Definition of Fuse
A device often found in older homes designed to prevent overloads in electrical lines. See Circuit Breakers.
A device which looks like a switch and is usually located inside the electrical panel or circuit breaker box. It is designed to (1) shut of the power to portions or all of the house and (2) to limit the amount of power flowing through a circuit (measured in amperes). 110 volt household circuits require a fuse or circuit breaker with a rating of 15 or a maximum of 20 amps. '220' volt circuits may be designed for higher amperage loads e.g. a hot water heater may be designed for a 30 amp load and would therefore need a 30 amp fuse or breaker. also see GFI
An electrical device used to prevent injury from contact with faulty electrical appliances and faulty wiring
Fiat Money is paper currency made legal tender by law or fiat. It is not backed by gold or silver and is not necessarily redeemable in coin. This practice has had widespread use for about the last 70 years. If governments produce too much of it, there is a loss of confidence. Even so, governments print it routinely when they need it. The value of fiat money is dependent upon the performance of the economy of the country which issued it. Canada's currency falls into this category.
This clause in regular life insurance policy provides for voiding the contract of insurance for up to two years from the date of issue of the coverage if the life insured has failed to disclose important information or if there has been a misrepresentation of a material fact which would have prevented the coverage from being issued in the first place. After the end of two years from issue, a misrepresentation of smoking habits or age can still void or change the policy.
This means dying without a will, in which case the provincial laws of the province in which the death occurred apply to the manner in which assets will be distributed. In other words, if you don't write your own will, the government will do it for you after your death and it may not be as you would have wished.
This is the process by which "dirty money" generated by criminal activities is converted through legitimate businesses into assets that cannot be easily traced back to their illegal origins.
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.
This is the person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation. There are instances in marriage breakup (or relationship breakup with dependent children) where appropriate life insurance on the support provider, owned and paid for by the ex-spouse receiving the support is an acceptable method of ensuring future security.
Sometimes, simply called YRT, this is a form of term life insurance that may be renewed annually without evidence of insurability to a stated age.
A promise that a life insurance policy will be renewed without penalty or medical examination after the term has expired. The renewal rate can also be guaranteed.
The amount of money the company must spend on overhead, distribution, taxes, underwriting the risk and servicing the policy. It is a factor in calculating premium rates.
Gross household income is the total salary, wages, commissions and other assured income, before deductions, by all household members who are co-applicants for the mortgage.
The difference between the price for which a home could be sold (market value) and the total debts registered against it.
An IRD amount is a compensation charge that may apply if you pay off your mortgage principal prior to the maturity date or pay the mortgage principal down beyond the prepayment privilege amount. The IRD amount is calculated on the amount being prepaid using an interest rate equal to the difference between your existing mortgage interest rate and the interest rate that we can now charge when re-lending the funds for the remaining term of the mortgage. For more information, click on compensation amounts.
At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
one of a group of homes in a two-story building, with own garage and entrance.
A home with a courtyard as its main entrance.
A deposit made by potential home buyers during negotiations with the seller. The sum shows a seller that a buyer is serious about purchasing the property. The money usually is counted toward the down payment.
like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.
Small, single-family home with a patio.
A detached house.
one of a row of houses connected with common side walls.
A sum of money set aside in the construction contract for items which have not been selected and specified in the construction contract. For example, selection of tile as a flooring may require an allowance for an underlayment material, or an electrical allowance which sets aside an amount of money to be spent on electrical fixtures.
A unit of electrical current or volume--see "voltage." Most homes have an electrical service 'entrance' package of 125 or 200 amps. Some older homes have 60 or 100 amp 'entrances'.
Corrugated metal or concrete barrier walls installed around a basement window to hold back the earth.
Work the framing contractor does after the mechanical (heating, plumbing & electrical) subcontractors finish their phase of work at the rough stage prior to insulating to get the home ready for a municipal frame inspection. Generally, the framing contractor repairs anything disturbed by others and completes all framing necessary to pass a Rough Frame Inspection.
A transformer that steps up the voltage in a florescent lamp.
A loan that has a series of monthly payments with the remaining balance due in a large lump sum payment at the end.
Balloon Framed Wall
Framed walls (generally over 10' tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the need for a gable end truss.
A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.
Bull Nose Drywall
Rounded drywall corners.
The space between the ground and the first floor of a home, usually no higher than four feet.
Work performed by the electrical Contractor after the plumber and heating contractor are complete with their phase of work. Normally all electrical wires, and outlet, switch, and fixture boxes are installed (before insulation).
Electrical Service Panel
Refers to the high-voltage electrical system's first point of entry into a home beyond the meter.
See electrical Service Entry
Gable End Wall
The triangular end of an exterior wall above the eaves formed under a gable roof.
GFI -See Ground Fault Current Interrupter
High Voltage System
aterial used to cover the interior framed areas of walls and ceilings
A wall-like structure that supports roof rafters.
A point where a bearing or structural weight is concentrated and transferred to the foundation.
Includes all exterior walls and any interior wall that is aligned above a support beam or girder. Normally, any wall that has a double horizontal top plate.
Provides security, entertainment, communications, environmental control, networking, and other functions generally powered by a signal cable, phone line or data cable. Is not typically metered.
A wall supporting no load other than its own weight.
one larger window with a circle top window above and usually has two smaller, rectangular windows on each side.
The "V" created where two sloping roofs meet.
For a slab foundation, the site is leveled off, and a trench is dug around the perimeter of the home site. Gravel is then spread across the site, and concrete is poured approximately four inches thick over wire mesh and a moisture barrier. In areas of load bearing walls, trenches need to be dug to allow for additional thickness at this location. Slab foundations have no piers or floor joists, and the concrete slab is the floor system.
A house built without prefabricated parts. also called conventional building.
A passive solar wall, usually masonry or concrete, used for passing heat from one room (like a sun room or solar garden room) to another.
A final inspection of a home before "closing" to look for and document problems that need to be corrected.
When a painter spray paints the interior of a home.
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.
A device, usually placed near the heater or cooler, which controls the flow of water or steam to parts of the building; it is controlled by a zone therMostat.
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