Definition of Ridge Board

Ridge Board

A horizontal board that serves as the apex of the roof structure.

Barge Board

A decorative board covering the projecting rafter (fly rafter) of the gable end. At the cornice, this member is a fascia board.

Baseboard

Any board or molding found at the bottom of an interior wall.

Board Foot

Measurement of lumber that is the equivalent of 144 cubic inches.

Particle Board

Plywood substitute made of course sawdust that is mixed with resin and pressed into sheets. Used for closet shelving, floor underlayment, stair treads, etc.

Ridge Vent

A vent mounted along the entire ridge line of the roof to allow the passage of air through the attic or cathedral ceiling.

Wafer Board

A manufactured wood panel made out of 1"- 2" wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing.

Barge

A horizontal beam rafter that supports shorter rafters.

Cash Surrender Value

this is the amount available to the owner of a life insurance policy upon voluntary termination of the policy before it becomes payable by the death of the life insured. this does not apply to term insurance but only to those policies which have reduced paid up values and cash surrender values. A cash surrender in lieu of death benefit usually has tax implications.

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.

Dividend

As the term dividend relates to a corporation's earnings, a dividend is an amount paid per share from a corporation's after tax profits. Depending on the type of share, it may or may not have the right to earn Any dividends and corporations may reduce or even suspend dividend payments if they are not doing well. Some dividends are paid in the form of additional shares of the corporation. Dividends paid by Canadian corporations qualify for the dividend tax credit and are taxed at lower rates than other income.
As the term dividend relates to a life insurance policy, it means that if that policy is "participating", the policy owner is entitled to participate in an equitable distribution of the surplus earnings of the insurance compAny which issued the policy. Surpluses arise primarily from three sources:
1) the difference between anticipated and actual operating expenses,
2) the difference between anticipated and actual claims experience, and
3) interest earned on investments over and above the rate required to maintain policy reserves. Having regard to the source of the surplus, the "dividend" so paid can be considered, in part at least, as a refund of part of the premium paid by the policy owner.
Life insurance policy owners of participating policies usually have four and sometimes five dividend options from which to choose:
1) take the dividend in cash,
2) apply the dividend to reduce current premiums,
3) leave the dividends on deposit with the insurance compAny to accumulate at interest like a savings plan,
4) use the dividends to purchase paid-up whole life insurance to mature at the same time as the original policy,
5) use the dividends to purchase one year term insurance equal to the guaranteed cash value at the end of the policy year, with Any portion of the dividend not required for this purpose being applied under one of the other dividend options.
NOTE: It is suggested here that if you have a participating whole life policy and at the time of purchase received a "dividend projection" of incredible future savings, ask for a current projection. Life insurance compAny's surpluses are not what they used to be.

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.

Independent Broker

this is a provincial government licensed independent businessperson who usually represents five or more life insurance companies in a sales and service capacity and who is paid a commission by those life insurance companies for sales and service of life insurance products. We for example, have been in business for 12 years and regularly place new business with over twenty different life insurance companies.

Structured Settlement

Historically, damages paid out during settlement of personal physical injury cases were distributed in the form of a lump-sum cash payment to the plaintiff. this windfall was intended to provide for a lifetime of medical and income needs. The claimant or his/her family was then forced into the position of becoming the manager of a large sum of money.
In an effort to create a more financially stable arrangement for the claimant, the structured Settlement was developed. A structured Settlement is an alternative to a lump sum cash payment in the resolution of personal physical injury, wrongful death, or workers’ compensation cases. The settlement usually consists of two components: an up-front cash payment to provide for immediate needs and a series of future periodic payments which are funded by the defendant’s purchase of one or more annuity policies. Those payors make payments directly to the claimant. In the unfortunate event of the claimant’s death, a guaranteed portion of the settlement may be directed to a beneficiary or his/her estate.
A structured Settlement is a guaranteed source of funds paid to the claimant or his/her family on a tax-free basis.

Accidental Death and Dismemberment

Coverage that provides a lump-sum payment to you or your survivors if an accident results in the loss of a limb, paralysis or your death.

Accidental Dismemberment: (Credit Insurance)

Provides additional financial security should an insured person be dismembered or lose the use of a limb as the result of an accident.

Cash Surrender Value

Benefit that entitles a policy owner to an amount of money upon cancellation of a policy.

Dividend

Unlike dividends which are paid to compAny shareholders, participating insurance policy dividends are not based on the compAny's overall profits. Rather, they are determined by grouping policies by type and country of issue and looking at how each class contributes to the compAny's earnings and surplus.

Dividend Policy

this policy governs Canada Life's actions regarding distribution of dividends to policyholders. It's goal is to achieve a dividend distribution that is equitable and timely, and which gives full recognition of the need to ensure the ongoing solidity of the compAny. It also specifies that distribution to individual policyholders must be equitable between dividend classes and policyholder generations, and among policyholders within Any class.

Lender (Credit Insurance)

Individual or firm that extends money to a borrower with the expectation of being repaid, usually with interest. Lenders create debt in the form of loans. Lenders include financial institutions, leasing companies government lending agencies and automobile dealers.

Surrender

Give up certain rights under a policy, or give up the policy itself.

Surrender Charge

Expense charges applied when the owner of a policy surrenders a policy for its cash value.

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.

Cash reserves

The money the buyer has left over after the down payment and all those closing costs.

Area Walls

Corrugated metal or concrete barrier walls installed around a basement window to hold back the earth.

Balloon Framed Wall

Framed walls (generally over 10' tall) that run the entire vertical length from the floor sill plate to the roof. this is done to eliminate the need for a gable end truss.

Basement Foundation

A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.

Board Foot

Measurement of lumber that is the equivalent of 144 cubic inches.

Bottom Plate

The lowest horizontal member of a wall which rests on the rough floor, to which the studding is nailed.

Built-Up Roof

A roofing composed of three to five layers of asphalt felt laminated with coal tar, pitch, or asphalt. The top is finished with crushed slag or gravel. Generally used on flat or low-pitched roofs.

Bull Nose Drywall

Rounded drywall corners.

Cornice

Overhang of a pitched roof, usually consisting of a fascia board, a soffit and appropriate trim moldings.

Crawlspace Foundation

The space between the ground and the first floor of a home, usually no higher than four feet.

Crown Molding

A molding used on cornice or wherever an interior angle is to be covered, especially at the roof and wall corner.

Fascia

horizontal boards attached to rafter/truss ends at the eaves and along gables. roof drain gutters are attached to the fascia.

Gable End Wall

The triangular end of an exterior wall above the eaves formed under a gable roof.

Gable Roof

A roof that consists of two sloping planes that meet at the ridge or peak. The planes are supported at their ends by triangular, upward extensions of walls known as gables.

Gable Vent

A louver mounted in the top of the gable to allow the passage of air through the attic.

Hip Roof

A pitched roof with sloping sides.

Interior Finish

aterial used to cover the interior framed areas of walls and ceilings

Knee Wall

A wall-like structure that supports roof rafters.

Load-Bearing Wall

Includes all exterior walls and Any interior wall that is aligned above a support beam or girder. Normally, Any wall that has a double horizontal top plate.

Nonbearing Wall

A wall supporting no load other than its own weight.

Particle Board

Plywood substitute made of course sawdust that is mixed with resin and pressed into sheets. Used for closet shelving, floor underlayment, stair treads, etc.

Rafter

One of a series of beams that form the slope of a pitched roof and are analogous to floor joists.

Roof Valley

The "V" created where two sloping roofs meet.

Roof Vent

A louver or small dome mounted near the ridge of the roof to allow the passage of air through the attic.

Shed Roof

A roof that pitches up further on one side than the other. Shed roofs are also used over some porches.

Slab Foundation

For a slab foundation, the site is leveled off, and a trench is dug around the perimeter of the home site. Gravel is then spread across the site, and concrete is poured approximately four inches thick over wire mesh and a moisture barrier. In areas of load bearing walls, trenches need to be dug to allow for additional thickness at this location. Slab foundations have no piers or floor joists, and the concrete slab is the floor system.

Trombe Wall

A passive solar wall, usually masonry or concrete, used for passing heat from one room (like a sun room or solar garden room) to another.

Wafer Board

A manufactured wood panel made out of 1"- 2" wood chips and glue. Often used as a substitute for plywood in the exterior wall and roof sheathing.

Wall Out

When a painter spray paints the interior of a home.

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