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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Q & A on Insurance - 4 Top questions
Why aren't my dividends paying my premium?
Who is my beneficiary?
Who is my servicing agent?
What is the cash value of my policy?
1. Why aren't my dividends paying my premium?
Dividends are payable on all forms of paid up insurance except policies
being kept in force as extended term insurance. There are five dividend options
to choose from: Cash, Applied to Payment of Premiums, Accumulate with Interest,
Purchase Paid Up Additional Insurance, and Reduce Existing Loans. When the
Applied to Payment of Premiums option is chosen, dividend payment will be used
to reduce the premium then due, if the dividend is less than the mode premium.
Otherwise, the Order will pay as many premium payments as possible and use the
remaining amount to purchase Paid-Up Additional insurance. To discuss the
dividend option and other details regarding your policy, contact your agent
today.
2. Who is my beneficiary?
The beneficiary of a policy is determined at the time of purchase by the
policy owner. However, it can be changed by the policy owner at any time during
the life of the policy. Typically, the spouse is chosen as beneficiary but other
beneficiaries include the children, brother, sister, mother or father of the
insured. Institutions and charitable organizations can also be named
beneficiaries. All beneficiaries are identified in your policy. Contact your
agent if you have any questions regarding your beneficiary designations.
3. Who is my servicing agent?
Always refer to your policy. A copy of the application along with the field
agent's business card should be included. In addition, the name and phone number
of the servicing general agent for your council appears on your bill.
4. What is the cash value of my policy?
While agents cannot give such information over the phone, the policy owner
is encouraged to call the Customer Service department in your state. Information
needs to be supplied by the insured, such as name, address, and policy number,
Customer Service will be also be able to answer such requests via a letter.
Qualified Intermediary
Corporation or entity who facilitates a 1031 tax deferred exchange (also known
as an "accommodator"). To be a qualified intermediary, the intermediary must not
be a related party.
Quantity-Survey Method
The appraisal method of estimating building costs by calculating the cost of all
of the physical components in the improvements, adding the cost to assemble them
and then including the indirect costs associated with such construction. (See
appraisal)
Quasi Contract
A contract implied by law, as a matter of equity, when no actual contract
exists.
Quid
Old Australian slang for pound note or money
Quiet Enjoyment
An implied warranty that the landlord will not interfere with the tenant's
reasonable use and enjoyment of a leased property. (See implied warranty)
Quiet Title
A court action to remove a cloud on the title. A suit brought to remove a claim
or objection on title.
Quitclaim Deed
A deed releasing whatever interest you may hold in a property but making no
warranty whatsoever. A conveyance by which the grantor transfers whatever
interest he or she has in the real estate, without warranties or obligations.
Quote, Insurance
An insurance quote is defined as:
1. Coverage by a contract binding a party to indemnify another against
specified loss in return for premiums paid.
2. The sum or rate for which such a contract insures something.
3. The periodic premium paid for this coverage.
Real Estate Dictionary/Glossary A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
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