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Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Legal-contracts

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Pre-payment PenaltyTort
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Tort Law — X
tort lawDefinition (Legal-contracts)
Civil law or the laws that govern civil lawsuits.
tortfeasorDefinition (Legal-contracts)
A party who commits a tort (a civil wrong).
trust companyDefinition (Estate-management, Financial-banking, Legal-contracts)
A company that acts as a trustee (an entity that controls financial assets on the behalf of another).
two-tier healthcareDefinition (Taxation, Insurance, Financial-banking, Legal-contracts)
A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
underwriting (UW)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
uninsured motorist coverageDefinition (Automotive, Insurance, Legal-contracts)
Auto insurance that covers collision damages caused by a driver without auto insurance.
unisex legislationDefinition (Insurance, Legal-contracts)
Laws that prevent insurers from using gender as a factor when calculating premiums.
validDefinition (Legal-contracts)
Sufficient in law; effective.
valuable considerationDefinition (Financial-banking, Legal-contracts)
The granting of some beneficial right, interest, profit, or suffering of some detrimental forbearance, loss or default by one party in exchange for the performance of another.
valuation clauseDefinition (Insurance, Legal-contracts)
A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
verification of employment (VOE)Definition (Mortgages, Financial-banking, Legal-contracts)
Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.
voidDefinition (Legal-contracts)
Of no legal effect. A nullity.
void chequeDefinition (Financial-banking, Legal-contracts)
A check with the word "VOID" written on the face that cannot be cashed.
voidableDefinition (Legal-contracts)
Where one party to a contract is entitled to rescind the contract at his/her option.
waiting periodDefinition (Insurance, Financial-banking, Legal-contracts)
The amount of time that must pass before something occurs.
waiverDefinition (Legal-contracts)
The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
waiver of inventoryDefinition (Insurance, Legal-contracts)
An option for an insurance company to choose not to inventory undamaged assets after a claim.
waiver of premiumDefinition (Insurance, Legal-contracts)
A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
waiver of restoration premiumDefinition (Insurance, Legal-contracts)
A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.
waiver of subrogation (WOS)Definition (Insurance, Legal-contracts)
A provision that prevents an insurer from pursuing a third party for damages to insured property.
warrantyDefinition (Real-estate, Financial-banking, Legal-contracts)
A document certifying clear title to a property.
water damage insuranceDefinition (Insurance, Legal-contracts)
Insurance that covers water damage to insured property.
water exclusion clauseDefinition (Insurance, Legal-contracts)
A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
wear and tear exclusionDefinition (Insurance, Legal-contracts)
A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.
willDefinition (Estate-management, Legal-contracts)
A document that states what must be done with a person's estate after his or her death.
witnessDefinition (Legal-contracts)
To subscribe one's name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.
work and materials clauseDefinition (Insurance, Legal-contracts)
A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.
xDefinition (Legal-contracts)
A symbol used in contracts, or other legal documents, representing where a signature should appear.
Previous Page
Pre-payment PenaltyTort
Currently Displayed — Page 6
Tort Law — X

Search the Glossary

Index of Legal-contracts Terms

Page 1: Abandonment Clause
Bundle of Rights
Page 2: Burden of Proof
Division of Property
Page 3: Document Needs List
Land Contract
Page 4: Land Title
Pre-payment Clause
Page 5: Pre-payment Penalty
Page 6: Tort Law

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