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The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Estate-management

  Currently Displayed — Page 1
Accelerated Benefit Option — Mortgage Life Insurance
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Needs ApproachWraparound Annuity
accelerated benefit optionDefinition (Estate-management, Insurance)
An option that allows the insured to receive insurance benefits before they would ordinarily be available.
accidental death and dismemberment insuranceDefinition (Estate-management, Insurance)
Insurance coverage for death or dismemberment (the loss of a body part).
accidental death benefit (ADB)Definition (Estate-management, Insurance, Legal-contracts)
An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
  ➥  A life insurance policy rider.
annuitizationDefinition (Investments, Estate-management, Annuities, Financial-banking)
The process of turning a retirement plan or annuity into income in the form of periodic payments or a single lump sum.
annuitization optionsDefinition (Investments, Estate-management, Annuities, Financial-banking)
The different income dispersal options available when annuitizing a retirement plan or annuity, such as the timeframe and list of beneficiaries.
annuityDefinition (Investments, Estate-management, Annuities, Financial-banking)
A financial instrument that disperses a number of payments over a set period of time.
annuity certainDefinition (Investments, Estate-management, Annuities)
A type of annuity that makes payments to the annuitant for a set term; payments stop when the agreed upon term ends, even if the annuitant is still alive after the term ends.
annuity contractDefinition (Investments, Estate-management, Annuities)
A contract that outlines each party's responsibilities as they relate to an annuity.
annuity factor methodDefinition (Investments, Estate-management, Annuities)
A way of determining the maximum amount an annuitant can withdraw from an annuity before penalties are applied.
annuity tableDefinition (Investments, Estate-management, Annuities)
A table that can be used to find the future value of an annuity.
assigneeDefinition (Estate-management, Real-estate, Insurance, Legal-contracts)
A person appointed to acquire (take) an item, such as a property.
assignorDefinition (Estate-management, Real-estate, Insurance, Legal-contracts)
attained ageDefinition (Estate-management, Insurance)
The current age of an insured individual.
beneficiaryDefinition (Investments, Estate-management, Annuities, Insurance)
An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
burial insuranceDefinition (Estate-management, Insurance)
Insurance that provides coverage for funeral expenses.
cash refund annuityDefinition (Investments, Estate-management, Annuities)
An annuity that refunds any remaining balance to the beneficiaries or the annuitant's estate when the annuitant dies.
cash surrender value (CSV)Definition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
The liquid value of an insurance policy if the policyholder voluntarily cancels the policy before maturity or an insured event.
Certified Annuity Specialist (CAS)Definition (Designation, Investments, Estate-management, Annuities)
A professional who is certified to provide investment advice about annuities to clients.
commutationDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
An option given to the beneficiaries of annuities and life insurance policies that allows them to modify the frequency and size of benefit payments.
competentDefinition (Estate-management, Legal-contracts)
Legal ability to make decisions and enter into contracts.
contingent beneficiaryDefinition (Investments, Estate-management, Insurance, Financial-banking)
A beneficiary who only receives his or her benefit when specific conditions have been met.
convertible life insuranceDefinition (Estate-management, Insurance)
A type of term life insurance policy that has the option to be converted into a permanent life insurance policy such as whole or universal life insurance.
credit life insuranceDefinition (Mortgages, Estate-management, Insurance)
Life insurance that repays the insured's debts upon their death. The death benefit decreases as the debt is paid off.
death benefit (DB)Definition (Investments, Estate-management, Annuities, Insurance, Financial-banking)
A payment or series of payments made to the beneficiaries of a life insurance policy.
  ➥  An amount paid to a beneficiary in a life linsurance policy.
decreasing term life insuranceDefinition (Estate-management, Insurance)
A Term life insurance policy with benefits that decrease each year as the policyholder ages.
dread disease riderDefinition (Estate-management, Insurance)
Insurance that provides a benefit if the policyholder is diagnosed with an illness that is deemed serious or terminal.
empty nestersDefinition (Estate-management, Real-estate)
Men or women whose children have grown up and moved out and who might be in the market for a smaller house.
estateDefinition (Investments, Estate-management, Real-estate, Financial-banking, Legal-contracts)
The ownership interest of an individual in real property.
estate planningDefinition (Investments, Estate-management, Annuities, Taxation, Insurance, Financial-banking)
The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
family income riderDefinition (Estate-management, Insurance)
A recurring or lump sum life insurance benefit that matches the policyholder's income.
fiduciaryDefinition (Estate-management, Financial-banking, Legal-contracts)
An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
fiduciary dutyDefinition (Estate-management, Financial-banking, Legal-contracts)
A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
fixed annuityDefinition (Investments, Estate-management, Annuities)
An annuity that makes fixed payments to the annuitant with guarantees for earnings and principal.
future value of an annuity (FVA)Definition (Investments, Estate-management, Annuities, Financial-banking)
The value of an annuity at some future date.
group life insuranceDefinition (Estate-management, Insurance)
Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
guarantee periodDefinition (Investments, Estate-management, Annuities)
A time period where income payments from an annuity are guaranteed.
human life approachDefinition (Estate-management, Insurance)
A method of estimating what the probable lifetime financial impact a life insurance policyholder's death would have on his or her beneficiaries.
hybrid annuityDefinition (Investments, Estate-management, Annuities, Financial-banking)
An annuity with both fixed and variable annuity elements.
indexed annuityDefinition (Investments, Estate-management, Annuities)
An annuity where investment performance is pegged to a stock index.
inflation-protected annuityDefinition (Investments, Estate-management, Annuities)
An annuity that guarantees a return equal to or above inflation.
investment in the contractDefinition (Investments, Estate-management, Annuities, Financial-banking)
The principal that has been contributed to an annuity.
irrevocable beneficiaryDefinition (Investments, Estate-management, Insurance, Financial-banking)
A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
joint and survivor annuityDefinition (Investments, Estate-management, Annuities)
An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
life annuityDefinition (Investments, Estate-management, Annuities)
An annuity that will continue to make payments until the death of the annuitant.
life insuranceDefinition (Investments, Estate-management, Insurance)
An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥  CanEquity offers life insurance.
life insurance trust (LIT)Definition (Investments, Estate-management, Taxation, Insurance)
A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
living benefitsDefinition (Estate-management, Insurance)
The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
maturity guaranteeDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking, Legal-contracts)
A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
mortgage insuranceDefinition (Mortgages, Estate-management, Insurance)
Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
  ➥  CanEquity offers mortgage insurance.
mortgage life insuranceDefinition (Mortgages, Estate-management, Insurance)
Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
  Currently Displayed — Page 1
Accelerated Benefit Option — Mortgage Life Insurance
  Next Page
Needs ApproachWraparound Annuity

Search the Glossary

Index of Estate-management Terms

Page 1: Accelerated Benefit Option
Mortgage Life Insurance
Page 2: Needs Approach
Wraparound Annuity

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