Weichert, Realtors - McLean

Real Estate Glossary Terms

• Book Value

  Net worth of property as shown on the balance sheet. It equals gross cost less accumulated depreciation. Because book value is based on historical cost it differs from market value. ...

• Aggregate Limit

  Maximum dollar amount of coverage in force under a health insurance policy, a property damage policy, or a liability policy. This maximum can be on an occurrence basis, or for the life of the policy. The following are examples: Health insurance. The insured was billed $107,000 for a serious illness, ...

• Policy Summary

  Policy report issued to the policyowner that must include at least the following: first five years of premiums, cash values, death benefits, and dividends (if participating insurance); tenth year, twentieth year, and at least one year between the insured's age 60 and 65 and policy maturity year of ...

• Sign Floater Insurance

  Endorsement to a business property floater policy that covers neon signs for all perils, both while they are being moved and once they are in place. Signs that are attached to a building can be covered under the underlying property insurance. The sign floater policy provides broader coverage for eac ...

• Trust Agreement

  Legal document setting out the rules to be followed by a trustee in administering assets of a trust. The trust agreement may limit investment of trust assets to specified types of securities, for example, or provide for distribution of the trust principal or earnings to a beneficiary of trust only u ...