Terms with Tag Clause
- Abandonment Clause — Definition,
- A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
- Acceleration Clause — Definition,
- A provision within a document that explains how the lender expects payment for a loan, in due haste.
- Alienation Clause — Definition,
- A requirement that the borrower pay the mortgage in full upon transfer of the property.
- Assumption Clause — Definition,
- A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
- Cancellation Clause — Definition,
- A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
- Clear-Space Clause — Definition,
- A clause that requires insured property to be located a minimum distance from surrounding property.
- Conversion Clause — Definition,
- A provision that may appear in an adjustable-rate loan agreement allowing the loan to be changed to a fixed-interest rate loan, usually for an additional charge.
- Due-on-sale Clause — Definition,
- A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
- Incontestability Clause — Definition,
- A clause that places a time limit on how long an insurer has to void a policy due to a policyholder's accidental misstatement in his or her life insurance application.
- Loss Payable Clause — Definition,
- An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
- Mortgage Acceleration Clause — Definition, Important,
- A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.
- Non-assumption Clause — Definition,
- A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
- Non-Forfeiture Clause — Definition,
- A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
- Pre-Existing Alien Abduction Clause (PEAAC) — Acronym,
- Pre-payment Clause — Definition,
- A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
- Valuation Clause — Definition,
- A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
- Water Exclusion Clause — Definition,
- A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
- Work and Materials Clause — Definition,
- A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.
