| Home inspection (n.): |
An in-depth surveying of the appliances and systems within your household to determine the condition for assessing future potential claims. |
| Issuer (n.): |
The home warranty plan and service contract provider who is responsible for fulfilling the terms of the contract. |
| In Kind (n.): |
Language denoting the home appliance warranty provider’s decree to either replace damaged items w/new or like; in lieu of paying out a cash allotment. |
| Limitations (n.): |
Disqualified, excluded or omitted conditions for coverage within a contract. |
| Listed (n.): |
A period in time in which a home is put up for sale on the market and is identified as such. |
| Mechanical Breakdown (n): |
The cessation of the functioning of an appliance, due to one of the operative, structural pieces not working. |
| Multiple Systems (n.): |
More than one of the same systems/appliances within a household. With most providers, coverage for an appliance type is limited to one each. Coverage for more than one of the same can be purchased for an additional charge. |
| Null and void (n.): |
A policy or contract that is no longer valid. |
| Non-Renewal (n.): |
A policy which is not renewed after the expiration date. |
| Occupancy (n.): |
Which type of residents live at the location with home warranty coverage; owner-occupied and tenant-occupied. |
| Physical damage (n.): |
Damage to the properties or items covered. |
| Policy (n.): |
The contract between the homeowner and plan provider. |
| Policyholder (n.): |
Person covered under the home warranty. |
| Pre-existing condition (n.): |
Conditions that marred the unit prior to home warranty policy coverage, rendering it ineligible for coverage. |
| Premises (n.): |
Location of the property which has items within that are covered unde the plan of any of the home warranties. |
| Premium (n.): |
Payments made by the covered party under the home warranty plan policy. |
| Radiant heat (n.): |
Heating method utilizing electricity, hot water or steam pipes to heat rooms. |
| Rate (n.): |
The unit of measure used to calculate premiums. |
| Recall Period (n): |
Time period whereby it is encouraged that a party contact the provider to file a claim of a failing item covered under the plan. |
| Reinstatement (n.): |
Beginning the policy over after having been terminated – w/out losing any of the rights and privileges held prior to its termination. |
| Renewal (n.): |
A policy which is issued upon the extermination of an expired one. |
| Replacement coverage (n.): |
Coverage that includes the replacement of covered items listed in a home warranty pllan. |
| Residence Premises (n.): |
The address where the physical dwelling is located whereby the resident lives who is covered under the policy. |
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