Definition of Joist

Joist

Part of the framing that provides the structure for a floor. In most homes, floor joists are made of 2x8s or larger lumber set on edge and spaced 16 inches apart, from center to center.

Band Joist

Vertical member that forms the perimeter of a floor system in which the floor joists tie in. Also known as the rim joist.

Cavity

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

Cross Bracing

A system of bracing by the use of ties. Typically used between floor joists to prevent them from twisting.

Girders

Crossbeams that support floor joists.

Rafter

One of a series of beams that form the slope of a pitched roof and are analogous to floor joists.

Slab Foundation

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.

Subfloor

The structural material that spans across floor joists. It serves as a working platform during construction and provides a base for the finish floor.

Replacement

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.
The most important policies to examine in detail are those which were issued in Canada prior to December 2, 1982. If you have a policy of this vintage with a significant cash surrender value, you may want to consider keeping it. It has special tax advantages over policies issued after December 2, 1982.
Basically, the difference is this. The cash surrender value of a pre December, 1982 policy can be converted to an annuity in accordance with the settlement options in the policy and as a result, the tax on any policy gain can be spread over the duration of the annuity. Since only the interest element of the annuity payment will be taxed, there will be less of a tax impact on the annuitant. Policies issued after December 2, 1982 which have their cash surrender value annuitized trigger a disposition and the annuitant must pay tax on the total policy gain immediately. If you still decide to replace existing coverage, don't cancel what you have until the new coverage has been issued.

Structured Settlement

Historically, damages paid out during settlement of personal physical injury cases were distributed in the form of a lump-sum cash payment to the plaintiff. This windfall was intended to provide for a lifetime of medical and income needs. The claimant or his/her family was then forced into the position of becoming the manager of a large sum of money.
In an effort to create a more financially stable arrangement for the claimant, the structured settlement was developed. A structured settlement is an alternative to a lump sum cash payment in the resolution of personal physical injury, wrongful death, or workers’ compensation cases. The settlement usually consists of two components: an up-front cash payment to provide for immediate needs and a series of future periodic payments which are funded by the defendant’s purchase of one or more annuity policies. Those payors make payments directly to the claimant. In the unfortunate event of the claimant’s death, a guaranteed portion of the settlement may be directed to a beneficiary or his/her estate.
A structured settlement is a guaranteed source of funds paid to the claimant or his/her family on a tax-free basis.

Viatical Settlement

A dictionary meaning for the word viatica is "the eucharist as given to a dying person or to one in danger of death". In the context of Viatical settlement it means the selling of one's own life insurance policy to another in exchange for an immediate percentage of the death benefit. The person or in many cases, group of persons buying the rights to the policy have high expectation of the imminent death of the previous owner. The sooner the death of the previous owner, the higher the profit. Consumer knowledge about this subject is poor and little is known about the entities that fund the companies that purchase policies. People should be very careful when considering the sale of their policy, and they should remember a sale of their life insurance means some group of strangers now owns a contract on their life. If a senior finds it difficult to pay for an insurance policy it might be a better choice to request that current beneficiaries take over the burden of paying the premium. The practice selling personal life insurance policies common in the United States and is spilling over into Canada. It would appear to have a definite conflict with Canada's historical view of 'insurable interest'.

Accidental Death and Dismemberment

Coverage that provides a lump-sum payment to you or your survivors if an accident results in the loss of a limb, paralysis or your death.

Accidental Dismemberment: (Credit Insurance)

provides additional financial security should an insured person be dismembered or lose the use of a limb as the result of an accident.

Asset

All things of value owned by an individual or organization.

Non-participating Policy

A type of insurance policy or annuity in which the owner does not receive dividends.

Participating Policy

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

Premium Offset

After premiums have been paid for a number of years, further annual premiums may be paid by the current dividends and the surrender of some of the paid-up additions which have built up in the policy. In effect, the policy can begin to pay for itself. Whether a policy becomes eligible for premium offset, the date on which it becomes eligible and whether it remains eligible once premium offset begins, will all depend on how the dividend scale changes over the years. Since dividends are not guaranteed, premium offset cannot be guaranteed either.

Interim Financing

Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.

Air Space

The area between insulation facing and interior of exterior wall coverings. Normally a 1" air gap.

Americans with Disabilities Act

The Americans with Disabilities Act which gives civil rights protection to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, State and local government services, and telecommunications.

Braced Framing

A construction method in two-story homes in which the frame is reinforced with posts and braces.

Crawlspace Foundation

The space between the ground and the first floor of a home, usually no higher than four feet.

Crawlspace Vent

An opening to allow the passage of air through the unexcavated area under a first floor. Ideally there should be at least two vents per crawlspace.

Faced Insulation

insulation with an attached vapor retarder (kraft paper or foil-backed paper).

Fiber Glass Insulation

An energy-efficient glass fiber product manufactured by Owens Corning to ensure the best thermal and noise control performance available.

High Voltage System

See Electricity.

Inset Staple

Stapling to the inside portion of the stud or rafter.

Insulation Density

Denser insulation products have more fibers per square inch and, therefore, give you greater insulating power through higher R-values.

Low-Voltage System

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.

Metal Insulation Support

16" or 24" wire rod or crisscrossed wire to hold floor insulation in place.

Particle Board

Plywood substitute made of course sawdust that is mixed with resin and pressed into sheets. Used for closet shelving, floor underlayment, stair treads, etc.

Partition

A wall that subdivides spaces within any story of a building or room.

Radiant Barrier System

A Radiant Barrier system (RBS) is a building section that includes a radiant barrier facing an air space.

Reflective Insulation System

Reflective insulation system is formed by a combination of low emittance surfaces and air spaces that provide reflective cavities, which have low levels of radiant energy transmission.

Subfloor

The structural material that spans across floor joists. It serves as a working platform during construction and provides a base for the finish floor.

Un-faced Insulation

insulation with no attached vapor retarder.

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