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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Valid — Variable Rate Mortgage...
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Variable Universal Life...Voyage Policy
validDefinition
Sufficient in law; effective.
validation periodDefinition
The amount of time needed before an insurance policy turns a profit for an insurance company.
Valley First — Bank Est.1947, British Columbia, Canada
  ➥  A division First West Credit Union and also a Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
valuable considerationDefinition
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.
valuable papers insuranceDefinition
Insurance that covers damages to valuable papers such as property deeds or wills.
valuationDefinition
The estimation of a property's price value through an appraisal.
valuation clauseDefinition
A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
valuation reserveDefinition
A financial reserve kept by an insurer in case a liability is larger than expected or an insurer's investments or assets are overvalued.
Value Added Network Services (VANS) — Acronym
value based pricing (VBP) — Acronym
To sell at a higher perceived value as opposed to the actual manufacture cost plus standard market-up.
value of in-force business (VIF) — Acronym
value reporting formDefinition
A form used to keep track of a business's current inventory value.
valued marine policyDefinition
Insurance that covers a marine asset up to a specified amount.
Vancouver Island Real Estate Board (VIREB) — Company Est.1951, British Columbia, Canada
Vancouver Island University (VIU) — Company Est.1936, Nanaimo, British Columbia, Canada
Vancouver Stock Exchange (VSE) — British Columbia, Canada
  ➥  Merged with the CDNX in 1999.
vandalism and malicious mischief coverageDefinition
Insurance that covers property owners for damages resulting from acts of vandalism.
vanilla shell improvements (VSI) — Acronym
Improvements made to a residential or commercial building resulting in a minimally finished interior.
vanishing premium policyDefinition
A life insurance policy where policy dividends are used to pay the policy's premiums.
variable annuity (VA)Definition
An annuity where the payments received by the annuitant in the income phase of the annuity vary depending on how well the insurer's investment portfolio has performed.
variable death benefitDefinition
A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.
variable interest mortgageDefinition, Important
A loan where the interest rate may vary during the term of the mortgage. The variance is usually tied to some specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.
variable interest rateDefinition
Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.
variable life (VL)Definition
Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.
  ➥  An insurance policy.
variable life insurance (VLI)Definition
Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.
variable payment life annuity (VPLA) — British Columbia, Canada
variable rateDefinition
A floating percentage value that fluctuates based on certain conditions.
variable rate demand note (VRDN) — Acronym
A request or demand made by a lender to pay back borrowed funds and any accrued interest at the current money market rate.
  ➥  A debt instrument that represents borrowed funds.
variable rate mortgage (VRM)Definition, Very Important
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
  ➥  A type of mortgage loan offered by brokers and lenders.
variable rate mortgage backed securities (VRMBS) — Canada
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