|
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
E
Easement
A right of way giving persons other than the owner access
to or over a property.
Effective age
An appraiser's estimate of the physical condition of a building.
The actual age of a building may be shorter or longer than
its effective age.
Effective gross income
Normal annual income including overtime that is regular
or guaranteed. The income may be from more than one source.
Salary is generally the principal source, but other income
may qualify if it is significant and stable.
Encroachment
An improvement that intrudes illegally on another's property.
Encumbrance
Anything that affects or limits the fee simple title to
a property, such as mortgages, leases, easements, or restrictions.
Endorser
A person who signs ownership interest over to another party.
Contrast with co-maker.
Endorsement
A written amendment made to a policy that changes the terms
of an insurance policy by adding or subtracting coverage.
Also known as a rider.
Equity
A homeowner's financial interest in a property. Equity is
the difference between the fair market value of the property
and the amount still owed on its mortgage.
Estate
The ownership interest of an individual in real property.
The sum total of all the real property and personal property
owned by an individual at time of death.
Eviction
The lawful expulsion of an occupant from real property.
Exclusion
A provision to your insurance policy that designates what
the insurer will not cover under the contract, such as coverage
for specific hazards, perils, persons, property, or locations.
Exclusive Agent
An exclusive agent is an agent that sells policies for only
one company. Exclusive agents have an agreement with their
company that they will not submit business to any other
company unless it is first rejected by the primary company.
Exclusive listing
A written contract that gives a licensed real estate agent
the exclusive right to sell a property for a specified time,
but reserving the owner's right to sell the property alone
without the payment of a commission.
Executor
A person named in a will to administer an estate. The court
will appoint an administrator if no executor is named. "Executrix"
is the feminine form.
Experience (also Loss Experience)
Experience is the history of losses for an individual policyholder.
Exposure (also Loss Exposure)
Exposure is the likelihood that a policyholder will suffer
a loss.
|
