Coldwell Banker Terry & Associates

Real Estate Glossary Terms

• Schematic Plan

  Outline or diagram of a structure or group of structures used for planning purposes. ...

• Single Family Dwelling

  House designed and zoned for one-family use. Other dwellings may be attached to a single family dwelling, but do not share the same plumbing, heating, or electrical system. Single family dwellings may be detached housing, condominiums, cooperatives, and townhouses. ...

• Business

  In insurance, volume of premiums written. Also describes commercial activities with the profit motive as the goal of the organization. Commercial insurance companies are organized with the profit motive as the normal business objective. ...

• Claim Against Employers Net Worth

  Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this amount is not paid, the PBGC may place a lien on all of the assets of the employer. ...

• Subrogation Clause

  Section of property insurance and liability insurance policies giving an insurer the right to take legal action against a third party responsible for a loss to an insured for which a claim has been paid. For example, an insurance company pays a claim for $40,000 in damages to an insured storekeeper ...