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Definition of Lapses

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Lapses

Policies which are sold but do not remain in force because the policyholder fails to pay premiums.



Related Terms:

Dollar Cost Averaging

A way of smoothing out your investment deposits by investing regularly. Instead of making one large deposit a year into your RRSP, you make smaller regular monthly deposits. If you are buying units in a mutual fund or segregated equity fund, you would end up buying more units in the month that values were low and less units in the month that values were higher. By spreading out your purchases, you don't have to worry about buying at the right time.


Endowment

Life insurance payable to the policyholder, if living on the maturity date stated in the policy, or to a beneficiary if the insured dies before that date. For example, some Term to age 100 Policies offer the option of taking the face amount of the policy as a cash payout at age 100 if the policyholder is still alive and paying all required income taxes on the amount received or leaving the policy to pay out upon death whereupon the payout is tax free.


Policyholder

This is the person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation. There are instances in marriage breakup (or relationship breakup with dependent children) where appropriate life insurance on the support provider, owned and paid for by the ex-spouse receiving the support is an acceptable method of ensuring future security.


Split Dollar Life Insurance

The split dollar concept is usually associated with cash value life insurance where there is a death benefit and an accumulation of cash value. The basic premise is the sharing of the costs and benefits of a life insurance policy by two or more parties. Usually one party owns and pays for the insurance protection and the other owns and pays for the cash accumulation. There is no single way to structure a split dollar arrangement. The possible structures are limited only by the imagination of the parties involved.


Automatic Benefits Payment

Automatic payment of moneys derived from a benefit.



Blended Payments

payments consisting of both a principal and an interest component, paid on a regular basis (e.g. weekly, biweekly, monthly) during the term of the mortgage. The principal portion of payment increases, while the interest portion decreases over the term of the mortgage, but the total regular payment usually does not change.


Payment Frequency

The choice of making regular mortgage payments every week, every other week, twice a month or monthly.


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Prepayment Charge

A fee charged by the lender when the borrower prepays all or part of a closed mortgage more quickly than is set out in the mortgage agreement.


Prepayment Option

The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.


Awning Windows

Single level windows that tilt outward and up.


Bay Window

A window that projects outward in a curve.


Construction Documents

All drawings, specifications and addenda associated with a specific construction project.


Dormer Windows

dormers are located on the second floor and project or extend out through the roof to provide window space.


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.


Palladian Window

One larger window with a circle top window above and usually has two smaller, rectangular windows on each side.


Radius Window

A window with an arched top.


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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.


Window Buck

Square or rectangular box that is installed within a concrete foundation or block wall. A window will eventually be installed in this "buck" during the siding stage of construction.



Window Sash

The operating or movable part of a window; the sash is made of window panes and their border.



 

 

 

 

 

 

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