Canadian Financial, Real Estate and Mortgage Glossary

finance, insurance and real estate (FIRE) — Definition, Important

A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."

Financial Administration Act (FAA) — Canada

Financial Advisors Association of Canada (FAAC) — Company Est.1906, Canada

  ➥  Better known as Advocis.

Financial Assistance Worker (FAW) — Canada

Financial Consumer Agency of Canada (FCAC) — Company Est.2001, Canada

  ➥  Established by the federal government to protect and educate consumers of financial products and services in Canada.

Financial Groups Directive (FDG) — Acronym

Financial Institutions Commission (FICOM) — Company, British Columbia, Canada, Important

A regulatory agency of the BC Ministry of Finance.

financial internal rate of return (FIRR) — Acronym

financial management board secretariat (FMBS) — Northwest Territories, Canada

financial management rate of return (FMRR) — Acronym

Financial Markets Risk Management Course (FRM) — Canada

financial planning diploma (FPD) — Acronym

financial planning proficiency exam (FPPE) — Acronym

Financial Planning Supplement (FPSU) — Canada

financial responsibility centre (FRC) — Canada

financial responsibility laws — Definition

A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.

Financial Services Commission of Ontario (FSCO) — Company Est.1998, Ontario, Canada, Very Important

A regulatory agency of the Ministry of Finance that protects public interests and regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.

  ➥  Oversees the mortgage, insurance and pension industries in Ontario.

Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) — Company, Canada

financing entity — Definition

An entity that purchases an insurance policy or settlement contract.

financing expenses — Definition

Expenses sustained from interest payments, financing, and dividends to shareholders.

finder fee — Definition

A fee paid by a party to another for services rendered.

finished room over garage (FROG) — Acronym

finite reinsurance — Definition

A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.

fire insurance — Definition

Insurance that covers losses from fire damage to insured assets.

firm commitment — Definition

A lender's promise to lend money to a specific borrower on specified terms at a certain time.

first dollar coverage — Definition

Insurance coverage that does not require the insured to pay a deductible.

first lien — Definition

Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.

first loss insurance policy — Definition

An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.

first mortgage — Definition, Important

A mortgage that is the primary lien against a property.

First National Financial (FNF) — Company Est.2006, Toronto, Ontario, Canada

  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.