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Tustee’s Deed

A deed executed by a trustee conveying land held in a trust.


Inducing a policyholder by misrepresentation to terminate an existing Life policy in order to replace it with a new policy. Producers are naturally tempted to engage in “replacement,” since the commission paid on new policies generally exceeds the commissions paid on renewal policies. Replacement is not illegal, unless it is detrimental to the client. However, “twisting” the facts in order to induce replacement is an illegal and/or unethical trade practice.

Two-Step Mortgage

An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.

Two to Four-Family Property

A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.