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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Accommodation Line


Synonyms:make room, take in, welcome line
Filed Under: insurance
Tags: insurance
 

Definition of accommodation line

accommodation line
1. When an insurance company approves insurance coverage for a client who normally would not qualify as a favour to a broker. A broker may use an insurer for a great deal of business, so in some cases it may behoove the insurer to use an accommodation line to approve a few policies for sub-standard clients in order to placate a broker and stop them from taking their business to another insurance company.

Related Terms and Acronyms:

  • concealment   The act of lying or omitting information when applying for insurance coverage.
  • insurance broker   An agent who sells insurance policies.
  • premium   A payment made to an insurance company for insurance coverage.
  • substandard insurance   Insurance for those who are ineligible for standard insurance due to higher risk profiles.
  • without evidence of insurability   Applying for insurance coverage without the insurer requiring the individual to take a medical examination.

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Important Tip on Credit Card Debt
Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.