Tag: house

Automatic Bill Payment definition explanation

What is Automatic Bill Payment?
Routine, automated payments made from a banking, brokerage or mutual fund account to vendors. The automated function can be initiated either with the source of funds (the bank with the checking account) or the vendor to whom payment is owed. Automatic bill payments occur over an electronic payment system, such as the Automated Clearing House (ACH). Read more for examples and further explanation including related video clips and also comments
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Landominium definition explanation

What is Landominium?
A type of residential property in which the owner owns both the home and the land on which the home is built. The home is a part of a community, like a condominium, where the landscaping, maintenance and other services are provided by a homeowners’ association. Read more for examples and further explanation including related video clips and also comments
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Filing Status definition explanation

What is Filing Status?
A category that defines the type of tax return form an individual will use. Filing status is closely tied to marital status.

The five filing statuses are:

1. Single individual
2. Married person filing jointly or surviving spouse
3. Married person filing separately
4. Head of household
5. Qualifying window(er) with dependent child Read more for examples and further explanation including related video clips and also comments
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Homeowners Insurance definition explanation

What is Homeowners Insurance?
A form of property insurance designed to protect an individual’s home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

In the U.S. there are seven forms of homeowners insurance that have become standardized in the industry; they range in name from HO-1 through HO-8 and offer various levels of protection depending on the needs of the homeowner.

Also known as “”homeowner’s/homeowners’ insurance””. Read more for examples and further explanation including related video clips and also comments
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Encumbered Securities definition explanation

What is Encumbered Securities?
Securities that are owned by one entity, but subject to a legal claim by another.

When an entity borrows from another, legal claim on the securities owned by the borrower can be taken as security by the lender should the borrower default on its obligation. The securities’ owner still has title to the securities, but the claim or lien remains on record. In the event that the securities are sold, the party with the legal claim on them must be given first opportunity to be paid back. In some cases, encumbered securities cannot be sold until any outstanding debts belonging to the owner of the securities are paid to the lender who holds claim against the securities. Read more for examples and further explanation including related video clips and also comments
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