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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
I
Income property
Real estate developed or improved to produce income.
Independent Agent
An independent agent is a self-employed agent who represents
multiple insurance companies.
Inflation
An increase in the amount of money or credit available in
relation to the amount of goods or services available, which
causes an increase in the general price level of goods and
services. Over time, inflation reduces the purchasing power
of a rupee, making it worth less.
Installment
The regular periodic payment that a borrower agrees to make
to a lender.
Installment loan
Borrowed money that is repaid in equal payments, known as
installments. A furniture loan is often paid for as an installment
loan.
Insurable title
A property title that a title insurance company agrees to
insure against defects and disputes.
Insurance
A contract that provides compensation for specific losses
in exchange for a periodic payment. An individual contract
is known as an insurance policy, and the periodic payment
is known as an insurance premium.
Insurance binder
A document that states that insurance is temporarily in
effect. Because the coverage will expire by a specified
date, a permanent policy must be obtained before the expiration
date.
Interest
The fee charged for borrowing money.
Interest rate
The rate of interest in effect for the monthly payment due.
Interest rate ceiling
For an adjustable-rate mortgage (ARM), the maximum interest
rate, as specified in the mortgage note.
Interest rate floor
For an adjustable-rate mortgage (ARM), the minimum interest
rate, as specified in the mortgage note.
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