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Home»Glossary

Glossary 

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Accelerated payment plan (Mortgages)

Repayment of a mortgage on a weekly or bi-weekly basis rather than monthly. This results in extra payments being made over the course of a year.

Account (Daily banking)

Funds that a person has placed with a financial institution and from which the person can make deposits and withdrawals.

Accrued interest (Borrowing)

Interest that accumulates over time on a debt.

Adjuster (Insurance)

The employee or independent contractor who reviews and settles claims on behalf of the insurance company.

Administration (Trust and estate)

The care and management of an estate by an executor, and administrator, trustee, or a guardian. The work performed by a personal representative regarding the collection of assets of a deceased person, settlement of all debts and liabilities, and distribution of the remainder, to those persons beneficially entitled. Similarly, the work performed by trustees, guardians and committees.

Affidavit of execution (Trust and estate)

A statement by a witness to the execution of a legal document. The statement is sworn under oath and states that the witness was present at the time and saw the document executed.

AgriInvest (Business banking)

A government funded, income matching program that helps producers manage small income declines.

Alberta Centennial Education Savings Plan (Investment)

A Government of Alberta program that provides a one-time grant of $500 into an established RESP of children born to or adopted by Alberta residents on or after January 1, 2005.

Amortization (Mortgages)

The number of years it will take to pay a mortgage in full.

Ancillary letters probate (Trust and estate)

The form of court grant to authorize an executor to deal with an estate located in a jurisdiction other than the jurisdiction in which the Letters Probate was granted to the executor.

Annuitant (Investment)

A person who is entitled to receive benefits, often associated with the ownership of an RSP, RIF or life annuity.

AOD (Business banking)

Authorized overdraft – An approved credit limit attached to an operating account.

AOD (Daily banking)

Authorized overdraft – An approved credit limit attached to a chequing account.

Applicant (Insurance)

The person or organization requesting insurance coverage.

Appraisal (Mortgages)

The process of determining the market value of a property.

Appraised value (Mortgages)

The estimated market value of a property.

Appreciation (Borrowing)

The increased value of an asset because it is now worth more than when it was purchased.

Appreciation (Business banking)

The increased value of an asset because it is now worth more than when it was purchased.

Assets (Business banking)

Items of value that a business owns.

Assets (Mortgages)

Items of value that a person owns, such as a car, home and investments.

Assumption agreement (Mortgages)

A legal document that requires the home buyer to assume responsibility for the obligations of an existing mortgage.

ATM (Daily banking)

Automated teller machine – A machine located at a bank branch or a stand-alone machine that allows a person to conduct basic banking transactions such as cash withdrawals, deposits, transfers and bill payments.

Authorized Overdraft (Business banking)

An approved credit limit attached to an operating account that protects that account holder if a purchase, cheque or payment causes the account balance to drop below $0.

Automated teller machine (Daily banking)

A machine located at a bank branch or a stand-alone machine that allows a person to conduct basic banking transactions such as cash withdrawals, deposits, transfers and bill payments.

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