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Home»Glossary

Glossary 

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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

E

Early renewal (Mortgages)

The renegotiation of mortgage term and rate prior to its maturity date.

Easement (Mortgages)

The right for access to or over another person's land for a specific purpose, such public utilities.

EFT (Business banking)

Electronic funds transfer – The ability for payments to be made or funds to be moved electronically.

EI (Business banking)

Employment insurance – A program that provides temporary financial help for Canadians who are unemployed while looking for work, upgrading their skills, sick, pregnant, caring for a new child, or caring for a family member who is seriously ill. Employers are responsible for deducting premiums from each employee’s pay cheque and remitting the employer and employee contributions to the Canada Revenue Agency.

Electronic funds transfer (Business banking)

The ability for payments to be made or funds to be moved electronically.

Employee solutions (Business banking)

Services provided by Servus Credit Union to help businesses attract, retain and manage their employees.

Employment insurance (Business banking)

A program that provides temporary financial help for Canadians who are unemployed while looking for work, upgrading their skills, sick, pregnant, caring for a new child, or caring for a family member who is seriously ill. Employers are responsible for deducting premiums from each employee’s pay cheque and remitting the employer and employee contributions to the Canada Revenue Agency.

Equity (Mortgages)

The difference between the market value of a property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.

Estate (Trust and estate)

All of the property that is owned by a person at death and can be disposed of through his or her will or other legal documents.

Estate planning (Trust and estate)

The orderly arrangement of a person’s financial affairs to maximize the value that will be transferred to the beneficiaries before or upon the person’s death.

Exclusion (Insurance)

Risks or situations not covered under an insurance policy.

Executor (Trust and estate)

The person (male) who administers the deceased’s final estate.

Executrix (Trust and estate)

The person (female) who administers the deceased’s final estate.

Exit strategy (Business banking)

A plan for a person, often the business owner, to leave the business.

Expiry (Insurance)

End date for the policy.

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