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| Home Insurance Glossary
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Confused in the Home Loan jargon? Our glossary
will help you in understanding the basic loan related terms.
Browse through the glossary or serach for a term through the
menu to resolve any doubts.
Glossary of Home insurance
terms
B
Balance sheet
A financial statement that shows assets, liabilities, and
net worth as of a specific date.
Bankrupt
A person, firm, or corporation that, through a court proceeding,
is relieved from the payment of all debts after the surrender
of all assets to a court-appointed trustee.
Before-tax income
Income before taxes is deducted.
Beneficiary
The person designated to receive the income from a trust,
estate, or a deed of trust.
Bequeath
To transfer personal property through a will.
Bid
See: Quote
Bill of sale
A written document that transfers title to personal property.
Binder
A preliminary agreement, secured by the payment of an earnest
money deposit, under which a buyer offers to purchase real
estate.
Blanket Coverage
Blanket coverage is insurance that covers more than one
piece of property in one location or multiple pieces of
property in multiple locations.
Blanket insurance policy
A single policy that covers more than one piece of property
(or more than one person).
Bona fide
In good faith, without fraud.
Bond
An interest-bearing certificate of debt with a maturity
date. An obligation of a government or business corporation.
A real estate bond is a written obligation usually secured
by a mortgage or a deed of trust.
Breach
A violation of any legal obligation.
Bridge loan
A form of second trust that is collateralized by the borrower's
present home (which is usually for sale) in a manner that
allows the proceeds to be used for closing on a new house
before the present home is sold. Also known as "swing
loan."
Broker
A person who, for a commission or a fee, brings parties
together and assists in negotiating contracts between them.
Budget
A detailed plan of income and expenses expected over a certain
period of time. A budget can provide guidelines for managing
future investments and expenses.
Building code
Local regulations that control design, construction, and
materials used in construction. Building codes are based
on safety and health standards.
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