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Popular Real Estate Glossary Terms
Taxes owed due to nonpayment, underreporting, or omission (unknowingly or intentionally) from a prior year. The taxing authority will demand the back taxes, including possible fines, ...
System established for checking claims to determine whether they should be paid immediately or checked further for validity. ...
Balance sheet and profit and loss statement of an insurance company. This statement is used by State Insurance Commissioners to regulate an insurance company according to reserve ...
Value of a foregone opportunity, one rejected in favor of a presumably better opportunity. For example, investment of a sum into a mutual fund instead of a variable annuity with a ...
Chance that an event will occur. The foundation of insurance is probability and statistics. By pooling a large number of homogeneous exposures an insurance company can predict with a given ...