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Definition of Un-faced Insulation
insulation with no attached vapor retarder.
Interest earned on an investment at periodic intervals and added to principal and previous interest earned. Each time new interest earned is calculated it is on a combined total of principal and previous interest earned. Essentially, interest is paid on top of interest.
Commonly known as a LIF, this is one of the options available to locked in Registered Pension Plan (RPP) holders for income payout as opposed to Registered Retirement Savings Plan (RRSP) holders choice of payout through Registered Retirement Income Funds (RRIF). A LIF must be converted to a unisex annuity by the time the holder reaches age 80.
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.
In October 1996 it was announced in the international news that scientists had finally located the link between cigarette smoking and lung cancer. In the early 1980's, some Canadian Life Insurance Companies had already started recognizing that non-smokers had a better life expectancy than smokers so commenced offering premium discounts for life insurance to new applicants who have been non-smokers for at least 12 months before applying for coverage. Today, most life insurance companies offer these discounts.
Commonly referred to as a RRIF, this is one of the options available to RRSP holders to convert their tax sheltered savings into taxable income.
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.
This could be the person (broker or agent) who helps you choose the proper type of life insurance or disability insurance and the insurance company for your particular needs. This could also be the person at the insurance company's head office who reviews your application for coverage to determine whether or not the insurance company will issue a policy to you.
The sum of all the interest options in your policy, including interest.
Assets used to pay the pensions of retirees. An investment institution established to manage the assets used to pay the pensions of retirees.
A pool of assets held by the insurer, to back a specific liability to a policyholder. Segregated Funds flucuate in value depending on the market value of a specific group of assets the company must maintain separately.
Person that uses various types of evidence to evaluate the insurability of a client.
Evaluating and classifying potential risk of a client.
Premiums paid for coverage not yet provided.
An unbundled Life product with a separate investment component. It typically does not participate in companies profits.
Interest Rate Differential Amount (IRD)
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.
Most lenders set up this account that receives monthly payments from home buyers to pay for obligations such as insurance, taxes and assessments.
A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.
A package of shingles. Normally, there are 3 bundles per square and 27 shingles per bundle.
The space between the ground and the first floor of a home, usually no higher than four feet.
A style of home where the garage is located in a basement.
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.
Foil-Faced Vapor Retarder
Created by coating a foil-backed paper with a thin layer of asphalt adhesive. The coated side of the foil-backed paper is then applied to the un-faced insulation material. The asphalt adhesive bonds the foil-backed paper and the insulation together.
GFI -See Ground Fault Current Interrupter
Ground Fault Current Interrupter
An electrical device used to prevent injury from contact with faulty electrical appliances and faulty wiring
Denser insulation products have more fibers per square inch and, therefore, give you greater insulating power through higher R-values.
Kraft-Faced Vapor Retarder
Created by coating kraft paper with a thin layer of asphalt adhesive. The coated side of the kraft paper is then applied to the unfaced insulation material. The asphalt adhesive bonds the kraft paper and the insulation together.
Metal Insulation Support
16" or 24" wire rod or crisscrossed wire to hold floor insulation in place.
A list of discrepancies that need to be corrected by the contractor.
A small trim molding that has the cross section of a quarter circle.
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.
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.
Polyethylene Vapor Barrier
Plastic film used to prevent moisture from passing through unfaced insulation. Both 4- and 6-mil polyethylene are preferred because they are less likely to be damaged during construction.
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