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Main Page: condo, home insurance, credit, first time homebuyer, insurance, homebuying, homes, home financing, buy home, Also see related: financial advisor, credit, inventory, stock trading, inventory control, tax advisor, business, money, |
Home Terms Main PageThis 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...
Our proprietary algorithm provides many related definitions for each term, helping you better understand the subject.
Monthly Home Term Picks:Creditor Proof ProtectionThe 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. First To Die CoverageThis means that there are two or more life insured on the same policy but the death benefit is paid out on the first death only. If two or more persons at the same address are purchasing life insurance at the same time, it is wise to compare the cost of this kind of coverage with individual policies having a multiple policy discount. Waiver of PremiumThis 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. Account ValueThe sum of all the interest options in your policy, including interest. Contribution PrincipleThis is the principle which specifies the factors that must be taken into account when calculating dividends. At Canada Life, the key factors are: interest earnings, mortality, and operating expense. Life InsuranceInsurance that provides protection against an economic loss caused by death of the person insured. Valuation DateDate on which valuation occurs. Total Debt Service (TDS) RatioThe percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 37% of gross monthly income. Assessed valueThe dollar value of an asset assigned by a public tax assessor for the purposes of taxation. AmperageSee Ampere ElectricityProvides power for lighting, appliances, and heating & cooling in a home. A meter records usage for billing by your local utility. FasciaHorizontal boards attached to rafter/truss ends at the eaves and along gables. Roof drain gutters are attached to the fascia. RafterOne of a series of beams that form the slope of a pitched roof and are analogous to floor joists. RedlineSee Red-Lined Prints Yard of ConcreteOne cubic yard of concrete is 3' x 3' x 3' in volume, or 27 cubic feet. One cubic yard of concrete will pour 80 square feet of 3 ½" sidewalk or basement/garage floor. |