Benificiary-the person who will receive the insurance money when you pass away.
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-monthly, or annually)
Amortization period-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.
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 locked in for a specified period of time.
Open mortgage-a mortgage that allows additional payments on the principal.
Variable-rate mortgages-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 location within 300 metres of a fire hydrant.
Semi-protected-with reference to homeowner's insurance, this means a location within 8km from a firehall.
Unprotected-with reference to homeowner's insurance, this means a location more than 8km from a firehall.
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