Keller Williams Realty Knoxville West

Real Estate Glossary Terms

• Buy-back

  (1) Agreement to sell real estate with a pre-arranged reverse but at an established price. This may not be legal in some instances, and any resulting losses may not be tax deductible. (2) Arrangement to rescind specified policy limitations on the insured if further coverage is bought from the insure ...

• Amortization Schedule

  Method of paying a sum due whose value has been discounted, according to a predetermined schedule. Each periodic payment includes part of the principal and interest due thereon. ...

• Eitf 93-6

  Rule adopted by the financial accounting standards board that requires that obligations owed to re-insurers under multiyear insurance contracts must be reported as liabilities by the ceding companies and as assets by the re-insurers. Conversely, if the ceding companies make a profit under the contra ...

• Expiration Date

  Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...

• Naic: Investment In Medium Grade And Lower Grade Obligations National Association Of Insurance Commissioners Model Law

  Model state law of the NAIC that stipulates that the total sum of medium grade bonds (bonds carrying a rating of 3, assigned by the Securities Valuation Office of the NAIC) and lower grade bonds (bonds carrying a rating of 4, 5, or 6, assigned by the Securities Valuation Office of the NAIC) cannot b ...