Beneficiary: The person who will receive the insurance money.
Insurer: The company providing the insurance.
Policy: A written contract or certificate of insurance.
Premium: How much you pay for an insurance policy (monthly, semi-annually, or annually).
Amortization Period: The length of time in years that you will need to pay off a mortgage.
Equity: The portion of the value of your property that you own.
Interest: The cost of borrowing money.
Principal: The amount you initially borrow or invest.
Unpaid Balance: The portion of the value of your property owed to the financial institution.
Closed Mortgage: A mortgage which does not allow payments on the principal.
Fixed-rate Mortgage: A mortgage with the interest rate locken in for a specified period of time.
Open Mortgage: A mortgage that allows open additional payments on the principal.
Variable-rate Mortgage: A mortgage where the interest rate may change from month to month.
Gross Debt Service Ratio: A formula used by most financial institutions to determine whether or not you can afford the property you have selected.
Market Value: The age and deterioration of the items are reflected in the appraisal.
Replacement Value: With reference to insurance policies, it means stolen or damaged items are replaced with new items.
Tenant's Package Policy: Insurance policy that protects renters from loss of contents of their rental units or personal belongings.
Metro: With reference to homeowner's insurance, this means a location within city limits.
Protected: With reference to homeowner's insurance, this means a location within 300 meters of a fire hydrant.
Semi-Protected: With reference to homeowner's insurance, this means a location within 8 km of a firehall.
Unprotected: With reference to homeowner's insurance, this means a location more than 8 km from a firehall.
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