Definition of Lanai

Lanai

A porch-like room or open-sided living room.

Lanai

A roofed patio.

Living Benefit

Some insurance companies include this benefit option at no cost to their policy holders. The insurer considers on a case to case basis, the need for insurance funds before death. If the insured can demonstrate a shortened life of less than two years and with some insurers one year, the insurer will consider releasing up to 50% or a maximum of $100,000 of the life insurance coverage held by the insured. Not all insurers offer this benefit for free. The need has resulted in specific stand alone living benefit/critical illness policies coming into existence. Look under "Different types of Life Insurance" for further information. You might have heard of "Viatical Settlements", the practice of seriously ill people selling the rights to their life insurance policies to third parties. This practice is common in the United States but has not caught on in Canada.

Living Will

This is a will which specifically expresses the testator's desire not to be kept alive on life support machines, should the occasion arise.

Open Mortgage

A mortgage which can be prepaid at any time, without penalty.

Patio home

Small, single-family home with a patio.

Bonus Room

A room with no specifically designated function, unlike a living room, bedroom, or kitchen. Is not included in the initial square footage.

Living Square Footage

See Square Footage, living

Patio

An interior courtyard or a paved backyard area.

Square Footage, Living

The square footage in a home that is heated and/or cooled. The space occupied by two-story rooms and stairwells is counted once in the lower floor's square footage. living square footage does not include garages, bonus rooms, or porches unless otherwise noted.

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