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Information about home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.

 


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Home Terms Main Page

This site contains comprehensive definitions for a wide range of terms that cover topics such as home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo...

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Creditor Proof Protection

The creditor proof status of such things as life insurance, non-registered life insurance investments, life insurance RRSPs and life insurance RRIFs make these attractive products for high net worth individuals, professionals and business owners who may have creditor concerns. Under most circumstances the creditor proof rules of the different provincial insurance acts take priority over the federal bankruptcy rules.
The provincial insurance acts protect life insurance products which have a family class beneficiary. Family class beneficiaries include the spouse, parent, child or grandchild of the life insured, except in Quebec, where creditor protection rules apply to spouse, ascendants and descendants of the insured. Investments sold by other financial institutions do not offer the same security should the holder go bankrupt. There are also circumstances under which the creditor proof protections do not hold for life insurance products. Federal bankruptcy law disallows the protection for any transfers made within one year of bankruptcy. In addition, should it be found that a person shifted money to an insurance company fund in bad faith for the specific purpose of avoiding creditors, these funds will not be creditor proof.


Paid-Up Additions

A type of insurance policy or annuity in which the owner receives dividends, typically increases the death.


Waiver

Removing liability or responsibility regarding a tangible event.


CMHC or GEMICO Insurance Premium

Mortgage insurance insures the lender against loss in case of default by the borrower. Mortgage insurance is provided to the lender by CMHC or GEMICO and the premium is paid by the borrower.


Porting

This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.


Amperage

See Ampere



Assumption

Allows a buyer to assume responsibility for an existing loan instead of getting a new loan. The assumption may have to be approved by the lender.


Baffles

Device to help achieve a ventilation space between insulation and roof sheathing. It helps assure air flow from the eave vents in attics and cathedral ceilings.


Building Code

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


Eave Vent

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.


Flashing

The building component used to connect portions of a roof, deck, or siding material to another surface such as a chimney, wall, or vent pipe. Often made out of various metals, rubber or tar and is mostly intended to prevent water entry.


Grade

Ground level, or the elevation at any given point. Also the work of leveling dirt. Also the designated quality of a manufactured piece of wood.


Lath and Plaster

The most common wall finish prior to the introduction of drywall. Thin wood strips (lath) were nailed onto the framing as a base for the sand/lime plaster (see diagram).


Sleeper

Strip of wood laid over concrete floor to which the finished wood floor is nailed or glued.


Stapling Flange

A protruding edge on faced insulation used to staple the insulation to the framing.


 

 

 

 

 



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