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FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Wage Earner — Windstorm Insurance
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WinnipegWraparound Mortgage
wage earner (W/E) — Acronym
waiting periodDefinition
The amount of time that must pass before something occurs.
waiverDefinition
The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
waiver of inventoryDefinition
An option for an insurance company to choose not to inventory undamaged assets after a claim.
waiver of premiumDefinition
A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
waiver of restoration premiumDefinition
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
A provision that prevents an insurer from pursuing a third party for damages to insured property.
walk-away leaseDefinition
The most common type of car lease, also known as a closed-end lease. The lessee may return the car at the end of the lease term, pay any end-of-lease costs, such as the disposition fee, and the lease agreement is over. In a closed-end lease, the lender assumes the risk of predicting the value of the vehicle (its residual value) at the end of the lease's term. Closed-end lease payments are somewhat higher than open-end lease payments.
walk-throughDefinition
A buyer's final inspection of a property, usually on the day of closing or the day before.
warrantyDefinition
A document certifying clear title to a property.
washer and dryer (W/D, wa/dr, washdry) — Acronym & Abbreviation
  ➥  Or a washer-dryer combination.
water damage insuranceDefinition
Insurance that covers water damage to insured property.
water damage legal liability insuranceDefinition
Insurance that covers policyholders for liability from water damage to another party's property.
water exclusion clauseDefinition
A provision that gives an insurer the option to deny coverage for certain kinds of water damage.
watercraft non-owned insuranceDefinition
Insurance that covers damages to watercraft not owned by the policyholder.
Wawanesa Life Insurance Company (WLIC) — Company Est.1896, Canada-wide, Important
  ➥  A Canadian NHA approved mortgage lender that offers mortgages for 1-4 multi-family units.
Wealth Management Essentials (WME) — Canada
A course in budgeting, saving and debt / risk management in relation to retirement planning, estate planning and annuity based financial products.
  ➥  A financial planning licensing course.
wear and tear exclusionDefinition
A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.
week (wk) — Abbreviation
week closing (W/C) — Acronym
  ➥  Refers to a date or deadline.
weighted average cost of capital (WACC) — Acronym
The average cost of the capital invested in a company, weighted by that company's capital structure of debt and equity funding.
weighted average loan age (WALA) — Acronym
weighted average maturity (WAM) — Acronym
Western Economic Diversification Canada (WD) — Company, Canada
Western Union International Bank (WUIB) — Company Est.1851
whole life (WL)Definition, Very Important
Permanent life insurance with level premiums for the policyholder's entire lifetime.
  ➥  A life insurance policy.
whole life insuranceDefinition
Permanent life insurance with level premiums for the policyholder's entire lifetime.
wholesale insuranceDefinition
A form of insurance used by small businesses to provide benefits for employees.
willDefinition
A document that states what must be done with a person's estate after his or her death.
windstorm insuranceDefinition
Insurance that covers damages resulting from windstorms.
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Wage Earner — Windstorm Insurance
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WinnipegWraparound Mortgage

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Windstorm Insurance
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Wraparound Mortgage

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