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An insurance policy that was not renewed or extended after its expiry date.
A gift received from a person through a will. See also Bequest.
Court grant of authority to administer an estate of a person who did not have a valid will (distinguish from Letters Probate).
Court grant confirming that the Will is the last one made and recognized as valid (distinguish from Letters of Administration).
Insurance coverage that protects a person or organization against claims from a third party due to property damage or bodily injury.
A claim against property for money owing.
A claim against a property for money owing.
An insurance contract that provides a set amount of monthly income based on a payment schedule that is determined when the annuity is established.
The maximum amount an insurer will pay under the terms of a policy.
A borrowing product that sets a maximum amount of money against which a borrower may draw. The money, when repaid, can be borrowed repeatedly without reapplying for credit.
Cashable at any time.
The extent of a company’s ability to meet its immediate liability obligations using current assets.
An agreement between a lender and a borrower where the lender gives the borrower a sum of money and the borrower agrees to repay it, with interest, under conditions set out in the agreement.
An extra payment made on the principal balance of a mortgage. The terms of some mortgages may restrict how much or how often prepayments can be made.
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