Definition of Patio home

Patio home

Small, single-family home with a patio.

Coach home

One of a group of homes in a two-story building, with own garage and entrance.

Courtyard home

A home with a courtyard as its main entrance.

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Patio

An interior courtyard or a paved backyard area.

Single-family home

A detached house.

Stick-Built Home

A house built without prefabricated parts. Also called conventional building.

Building Code

A comprehensive set of laws that controls the construction or remodeling of a home or other structure.

Clerestory

An outside wall of a room or building that rises above an adjoining roof and contains windows.

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.

Crown Molding

A molding used on cornice or wherever an interior angle is to be covered, especially at the roof and wall corner.

Deed (Certificate of Ownership)

The document signed by the seller transferring ownership of the home to the purchaser. This document is then registered against the title to the property as evidence of the purchaser's ownership of the property.

Ductwork

A system of large tubes, pipes or channels (ducts) designed to deliver air to and from a furnace or other air-handling unit.

Earnest money

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.

Fiat Money

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.

Group Life Insurance

This is a very common form of life insurance which is found in employee benefit plans and bank mortgage insurance. In employee benefit plans the form of this insurance is usually One year renewable term insurance. The cost of this coverage is based on the average age of everyOne in the group. Therefore a group of young people would have inexpensive rates and an older group would have more expensive rates.
Some people rely on this kind of insurance as their primary coverage forgetting that group life insurance is a condition of employment with their employer. The coverage is not portable and cannot be taken with you if you change jobs. If you have a change in health, you may not qualify for new coverage at your new place of employment.
Bank mortgage insurance is also usually group insurance and you can tell this by virtue of the fact that you only receive a certificate of insurance, and not a complete policy. The only form in which bank mortgage insurance is sold is reducing term insurance, matching the declining mortgage balance. The only beneficiary that can be chosen for this kind of insurance is the bank. In both cases, employee benefit plan group insurance and bank mortgage insurance, the coverage is not guaranteed. This means that coverage can be cancelled by the insurance company underwriting that particular plan, if they are experiencing excessive claims.

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Money Laundering

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.

Owner

This is the person who owns the insurance policy. It is usually the same person as the insured but it could be someOne else who has the permission of the insured to be the owner, like a spouse, a common-law-spouse, an offspring, a parent, a corporation with insurable interest or a business partner with insurable interest. In order for someOne else to be an owner of your policy, they have to have a legitimate insurable interest in you.

Patio

An interior courtyard or a paved backyard area.

Policyowner

The person who owns and holds all rights under the policy, including the power to name and change beneficiaries, make a policy loan, assign the policy to a financial institution as collateral for a loan, withdraw funds or surrender the policy.

Single-family home

A detached house.

Stick-Built Home

A house built without prefabricated parts. Also called conventional building.

Townhouse

One of a row of houses connected with common side walls.

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.

Zone Valve

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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