Your browser does not support JavaScript.
Home Dictionary T Title Insurance Title insurance protects lenders and buyers from financial loss due to defects in property title. The most common title claims are tax evasion, liens and conflicting wills. A one-time title insurance fee covers costly administration fees for deep searching of title data to protect against claims from past incidents. Any real estate transactions must have a clear title to ensure that the property is free from liens. A title insurance policy will cover numerous risks such as erroneous entries, wrong ownership and falsified documents. Certificate of Insurance (COI)
September 25, 2022 A certificate of insurance (COI) is issued by an insurance company or broker and confirms the existence of an insurance policy. Indemnity Insurance
September 25, 2022 Indemnity insurance - a type of insurance policy in which the insurance company guarantees compensation for losses or damage incurred by the insured. Joint and Several Liability
September 25, 2022 By law, joint and several liability imposes on all parties in the claim liability for damages within the entire amount awarded. Liability Insurance
September 25, 2022 Liability insurance provides protection against claims arising from injury and damage to people and/or property. War Damage Insurance
September 25, 2022 War Damage Corporation was a government program launched during World War II to help insure losses caused by the war. Workers' Compensation
September 25, 2022 Workers’ compensation is a form of employers’ insurance coverage that pays benefits to workers who are injured or disabled as a result of their work. Workers' Compensation Coverage A
September 25, 2022 Workers’ Compensation A protects workers under state law. 125% Loan
September 25, 2022 A loan at 125% is a mortgage loan equal to 1.25 times the value of the property securing the loan. 2-1 Buydown
September 25, 2022 A 2-1 buyout is a type of financing that lowers the mortgage interest rate for the first two years before it rises to a regular, constant rate. 2/28 Adjustable-Rate Mortgage (2/28 ARM)
September 25, 2022 2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years. 3-2-1 Buydown Mortgage
September 25, 2022 With a 3-2-1 buyout mortgage, the borrower pays a lower interest rate for the first three years in exchange for an upfront payment to the lender. 3/27 Adjustable-Rate Mortgage (ARM)
September 25, 2022 The 3/27 Adjustable Rate Mortgage (ARM) is a 30-year mortgage with a three-year fixed rate period. 5/1 Hybrid Adjustable-Rate Mortgage (5/1 Hybrid ARM)
September 25, 2022 Adjustable Rate Hybrid Mortgages (ARM) 5/1 offer an initial fixed rate for five years, after which the interest rate is adjusted annually. 60-Plus Delinquencies
September 25, 2022 An arrears rate of more than 60 is a metric commonly used to measure the number of mortgages that are more than 60 days overdue on monthly payments. 80-10-10 Mortgage
September 25, 2022 An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash. Accidental Death Benefits
September 25, 2022 An accidental death benefit is paid to the beneficiary of the accident insurance policy. Accidental Death and Dismemberment Insurance (AD&D)
September 25, 2022 Accidental death and dismemberment (AD&D) insurance is usually added as an add-on to a life insurance policy. Actuarial Life Table
September 25, 2022 The statistics in the actuarial life table calculate, among other things, the probability of surviving to a certain age. Adjustable Life Insurance
September 25, 2022 Regulated life insurance allows policyholders to make adjustments to their cash value, premiums and death benefits. Adjustable-Rate Mortgage (ARM)
September 25, 2022 An adjustable rate mortgage (ARM) is a home loan with an interest rate that may fluctuate from time to time based on a certain benchmark. Aleatory Contract
September 25, 2022 an aleatory contract is an agreement under which the parties are not required to perform certain actions until a certain event occurs. All Risks
September 25, 2022 All risks - a comprehensive insurance policy offered on the property accident insurance market. Allocated Loss Adjustment Expenses (ALAE)
September 25, 2022 Allocation expenses (ALAE) are expenses related to a specific insured event. Appraisal
September 25, 2022 An appraisal is an estimate of the fair market value of a property, business, antique, or even a collectible. Assessed Value
September 25, 2022 An appraised value is the dollar value assigned to a home or other piece of real estate for property tax purposes.