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Definition of Widow's Walk
A platform with a rail around it, built onto the roof of a house. The platform is accessible by stairs or a ladder from the interior of the house. See Plan #10433 for an example.
A final inspection of a home before "closing" to look for and document problems that need to be corrected.
This term refers to the simultaneous issue of a life annuity with a non-guaranteed period and a guaranteed life insurance policy [usually whole life or term to 100]. The face value of the life insurance would be the same amount that was used to purchase the annuity. This combination of life annuity providing the highest payout of all types of annuities, along with a guaranteed life insurance policy allowed an uninsurable person to convert his/her RRSP into the best choice of annuity and guarantee that upon his/her death, the full value of the annuity would be paid tax free through the life insurance policy to his family members. However, in the early 1990's, the Federal tax authorities put a stop to the issuing of standard life rates to rated or uninsurable applicants. Insuring a life annuity in this manner is still an excellent way to provide guaranteed tax free funds to family members but the application for the annuity and the application for the life insurance are separate transactions and today, most likely conducted through two different insurance companies so that there is no suspicion of preferential treatment given to the life insurance application.
This is a tax planning strategy of arranging for income to be transferred to family members who are in lower tax brackets than the one earning the income, thus reducing taxes. Even though attribution rules limit income splitting, there are still a number of legitimate ways to do so, such as through the use of spousal RRSPs.
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.
Commonly sold in the form of reducing term life insurance by lending institutions, this is life insurance with a death benefit reducing to zero over a specific period of time, usually 20 to 25 years. In most instances, the cost of coverage remains level, while the death benefit continues to decline. Re-stated, the cost of this kind of insurance is actually increasing since less death benefit is paid as the outstanding mortgage balance decreases while the cost remains the same. Lending institutions are the most popular sources for this kind of coverage because it is usually sold during the purchase of a new mortgage. The untrained institution mortgage sales person often gives the impression that this is the only place mortgage insurance can be purchased but it is more efficiently purchased at a lower cost and with more flexibility, directly from traditional life insurance companies. No matter where it is purchased, the reducing term insurance death benefit reduces over a set period of years. Most consumers are up-sizing their residences, not down-sizing, so it is likely that more coverage is required as years pass, rather than less coverage.
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 your payment for the cost of insurance. You may pay annually, semi-annually, quarterly or monthly. The least expensive method is annually. Using any of the other payment modes will cost you more money. For example, paying monthly will cost about 17% more. If you pay annually and terminate your coverage part way through the year, you may not receive a refund for the remaining months to the annual renewal date.
Temporary insurance coverage is available at time of application for a life insurance policy if certain conditions are met. Normally, temporary coverage relates to free coverage while the insurance company which is underwriting the risk, goes through the process of deciding whether or not they will grant a contract of coverage. The qualifications for temporary coverage vary from insurance company to insurance company but generally applicants will qualify if they are between the ages of 18 and 65, have no knowledge or suspicions of ill health, have not been absent from work for more than 7 days within the prior 6 months because of sickness or injury and total coverage applied for from all sources does not exceed $500,000. Normally a cheque covering a minimum of one months premium is required to complete the conditions for this kind of coverage. The insurance company applies this deposit towards the cost of a policy at its issue date, which may be several weeks in the future.
This is an option available to the applicant for life insurance which sets certain conditions under which an insurance policy will be kept in full force by the insurance company without the payment of premiums. Very specifically, a life insured would have to become totally disabled through injury or illness for a period of six months before the benefit kicks in. When it does, the insurance company retroactively pays premiums from the beginning of the disability until the time the insured is able to perform some form of regular activity. 'Totally disabled' is highlited here, because that is what is required to receive this benefit.
through equity investment, investors gain part ownership of the corporation. The primary type of equity investment is corporate stock.
A premium that remains unchanged throughout the life of a policy
A policy offers the potential of sharing in the success of an insurance company through the receipt of dividends.
A payment plan by which a loan is reduced through monthly payments of principal and interest.
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
Conduction is the direct flow of heat through a material resulting from physical contact. The transfer of heat by conduction is caused by molecular motion in which molecules transfer their energy to adjoining molecules and increase their temperature.
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.
Dormers are located on the second floor and project or extend out through the roof to provide window space.
Vent opening located in the soffit under the eaves of a house to allow the passage of air through the attic and out the roof vents.
Forced Air Heating
A common form of heating with natural gas, propane, oil or electricity as a fuel. Air is heated in the furnace and distributed through a set of metal ducts to various areas of the house.
A louver mounted in the top of the gable to allow the passage of air through the attic.
Denser insulation products have more fibers per square inch and, therefore, give you greater insulating power through higher R-values.
A metal channel through which hot air, gas, steam or smoke may pass.
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.
A carriage entrance leading through a building or wall into an inner courtyard. Also, a roofed structure covering a driveway at the entrance of a building to provide shelter while entering or leaving a vehicle.
Radiation is the transfer of heat or energy from a hot surface to a cold surface through air or through a vacuum.
Metal channels used to further inhibit sound transmission through wall and ceiling framing. Create a break in the vibration path from drywall to the framing.
A vent mounted along the entire ridge line of the roof to allow the passage of air through the attic or cathedral ceiling.
A louver or small dome mounted near the ridge of the roof to allow the passage of air through the attic.
Helps control the amount of moisture passing through the insulation and collecting inside exterior walls, ceilings and floors.
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