Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Pacific & Western Bank — Period of Indemnity
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Periodic RatePoint
Pacific & Western Bank (PWB) — Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
paid-up additional insuranceDefinition
The option for a policyholder to purchase additional insurance coverage with additional premiums or policy dividends.
Paradigm Quest — Company, Canada-wide excluding the Territories
  ➥  A Canadian NHA approved mortgage lender that offers mortgages for 1-4 multi-family units.
parking (prk)Definition
A term that refers to depositing cash in a high-yield money market account until it is transferred to another account to pay bills.
participation rateDefinition
The rate at which changes in a stock index affect the profit credited to an annuity.
Partners, Directors & Officers Course (PDO) — Canada
passbookDefinition
A book used to record all banking transactions for a designated account.
passive activityDefinition
An activity in which a person does not materially participate such as real estate rentals and limited partnerships.
passive foreign investment company (PFIC) — Acronym
passive incomeDefinition
Income coming in on a regular basis, with little or no maintenance.
passive income generator (PIG) — Acronym
  ➥  An investment that generates income on a regular basis.
passive lossDefinition
Loss from a passive activity. Passive loss rules limit the amount of passive loss you can deduct to the total of your other income from passive activities.
payday loanDefinition
A short-term loan with an extremely high interest rate.
payeeDefinition
The name of the person to whom the money in a cheque is to go.
payment adjustment periodDefinition
The time period where payments on an adjustable-rate mortgage (ARM) may fluctuate.
payment application best practices (PABP) — Acronym
payment capDefinition
A contractual limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
payorDefinition
One who makes a payment to another party.
payout phaseDefinition
The phase of a deferred annuity where the annuity begins to make payments to the annuitant.
payroll taxesDefinition
A tax based on wages and salaries that is deducted from employees pay cheques.
pc bankingDefinition
A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
peace arch (PA) — Acronym
  ➥  A US/Canada border location.
penaltyDefinition
In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
penalty rateDefinition
Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
pensionDefinition
A retirement plan where money is set aside over many years for an individual's retirement.
Peoples Trust Company (PTC) — Company Est.1985, Canada-wide, Important
per diem interestDefinition
Interest that is charged daily; usually refers to the partial month's interest that the buyer pays on the mortgage covering the period from the day of closing to the end of the month.
per item chargeDefinition
A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.
perilDefinition
Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
period of indemnityDefinition
The amount of time where insurance benefits are required to be paid by an insurance policy.
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Pacific & Western Bank — Period of Indemnity
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Periodic RatePoint

Search the Glossary

Index for The Letter 'p'

Page 1: Pacific & Western Bank
Period of Indemnity
Page 2: Periodic Rate
Point
Page 3: Point of Commencement
Pre-authorized Payments
Page 4: Pre-computed Loan
Primary Care Physician
Page 5: Primary Caregiver
Professional Liability
Page 6: Professional Liability...
Purchased Life Annuity

Notable Terms

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