Definitions

Beneficiary - the one who will recieve 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 valie 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 owned to the financial institution.
Open Mortgage - a mortgage that allows additional payments on the principal
Variable- Rate Mortgage - a mortage 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 within300 meters of a fire hydrant.
Semi - protected - with reference to homeowner's insurance, this means a locations within 8 km of a firehall
Unprotected - with reference to homeowner's insurance, this means a location more than 8 km from a firehall.
Deficit - the amount by which expeditures exceed revenue in a budget.
Surplus - the amount by which revenue is greater than expenditures in a budget.