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Home Insurance Articles
Named Perils
Named Perils
The subject matter is classified as a terminology in property insurance referring to the policies which offers coverage just merely for loss which is caused by the perils being listed specifically as covered. It is distinguished with the all risks
Non Recourse Mortgage
Non Recourse Mortgage
A non recourse mortgage is a type of home loan wherein the borrower has to pay exactly the same amount of the property when the time that the loan is being paid off and nothing else more. The
Peril
Peril
Peril is classified as the specific risk and/or cause of the loss which is covered by an insurance plan. Examples of this are: windstorm, flood, theft or fire. A “named-peril” covers up the policyholder for only the risks being named on
Replacement Cost Definition
Replacement Cost is the total sum of the replacement of all damaged properties with the same worth or quality.
Replacement Cost is the total sum of the replacement of all damaged properties with the same worth or quality.
Accelerated Depreciation
Accelerated Depreciation
In order to secure tax credits on assets faster, the idea of accelerated depreciation has been practiced. Basically, accelerated depreciation permits the owner to take bigger write-offs for the depreciation of chosen properties and goods early on, with the
Ad Valorem
Ad Valorem
Ad Valorem is a legal term which is a Latin word meaning “according to value”. An ad valorem tax is defined as a tax on a personal property, real estate and a specific item. The figure is expressed in
Additional Living Expense Loss
Additional Living Expense Loss
Additional living expense or loss of usage is usually a primary concern of an insured following right after a loss of a property and is basically the first dollars paid in a homeowner policy. A homeowner insurance policy
Adhesion Insurance Contract
Adhesion Insurance Contract
Whether we know it or not by name, most of us have affixed a signature of at least one adhesion contract in our adult lives. An insurance policy is classified to be an adhesion contract including an apartment
Total Annual Loan Cost
Total Annual Loan Cost
Total annual loan cost, or TALC, is defined as an estimate of a reverse mortgage’s interest price, which includes home escalation amounts, as well as annuity premiums. It is considered as the average annual combined cost of
Total Loss