The Market is the specific geographical area covered by your Contract and corresponding Index.  For a Payout to be possible, your Property must be located within the boundaries of the Market, as detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Contract?](/faqs/what-is-the-contract)", "[What is the Index?](/faqs/what-is-the-index)", "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Property?](/faqs/what-is-the-property)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Market?

The Term refers to the duration of your Contract.  It starts from the Effective Date and continues through to the Expiration Date, as specified in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Contract?](/faqs/what-is-the-contract)", "[What is the Effective Date?](/faqs/what-is-the-effective-date)", "[What is the Expiration Date?](/faqs/what-is-the-expiration-date)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Term?

The Index is the REZITRADE home price reference index reported for the Market in which the  Property is located.  The Index provides the measure of change upon which eligibility of a Payout is determined.  The Index is Market-specific to a Contract and is set at time of purchase.  The Index is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Market?](/faqs/what-is-the-market)", "[What is the Property?](/faqs/what-is-the-property)", "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".


*What is the Index?

The Cap is the Cumulative Index Change in the Index whereby the amount of the related Payout no longer increases.  The Cap is expressed as a negative percentage and must always be less than the Trigger (i.e., if the Trigger is -10%, then the Cap is -20% or -25%, etc.).  The Contract's Cap is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs:  "[What is the Cumulative Index Change?](/faqs/what-is-the-cumulative-index-change)", "[What is the Index?](/faqs/what-is-the-index)", "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Trigger?](/faqs/what-is-the-trigger)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".


*What is the Cap?

The Expiration Date is the is the last day of the Term of your Contract.  Your Contract's Expiration Date is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Term?](/faqs/what-is-the-term)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".


*What is the Expiration Date?

The Maximum Payout is the maximum amount (expressed in dollars) that may be paid to the Contract Holder under the Contract.  The Maximum Payout amount is customizable and selected at time of purchase.  The Maximum Payout is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Contract Holder?](/faqs/what-is-the-contract-holder)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Maximum Payout?

The Payout refers to the amount (in dollars) owed, if any, to the Contract Holder if the Ending Indicative Property Value falls below the Property Value Trigger.  The Payout is the amount equal to the product of (i) an amount equal to (a) the greater of (1) Ending Indicative Property Value or (2) Property Value Cap, minus (b) the Property Value Trigger, and (ii) the product of (a) the Starting Indicative Property Value Coverage and (b) negative one (-1).   The cumulative amount of a Payout will not exceed the Maximum Payout.  If the Ending Indicative Property Value is above the Property Value Trigger, there is no Payout and thus, no calculation is required.

For more information about these terms, please refer to the respective FAQs: "[What is the Contract Holder?](/faqs/what-is-the-contract-holder)", "[What is the Ending Indicative Property Value?](/faqs/what-is-the-ending-indicative-property-value)", "[What is the Property Value Trigger?](/faqs/what-is-the-property-value-trigger)", "[What is the Property Value Cap?](/faqs/what-is-the-property-value-cap)", "[What is the Starting Indicative Property Value Coverage?](/faqs/what-is-the-starting-indicative-property-value-coverage)", and "[What is the Maximum Payout?](/faqs/what-is-the-maximum-payout)".


*What is the Payout?

The Contract Price is the cost of your Home Price Index Protection purchase expressed in dollars.  Determination of your Contract Price varies depending on a variety of factors (including, Market, Maximum Payout, and Trigger).  The Contract Price set as of the Effective Date and is payable upfront.  The Contract Price is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Market?](/faqs/what-is-the-market)", "[What is the Maximum Payout?](/faqs/what-is-the-maximum-payout)", "[What is the Trigger?](/faqs/what-is-the-trigger)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".


*What is the Contract Price?

The Contract is the agreement that defines the terms and conditions of your Home Price Index Protection.  The Contract is executed by you on the Effective Date.  All of the key terms and conditions of your Contract are detailed in the Summary of Key Terms and Conditions.  You will be provided a dually executed copy of your Contract, which will serve as evidence of Home Price Index Protection purchase.  

For more information about these terms, please refer to the respective FAQs: "[What is the Effective Date?](/faqs/what-is-the-effective-date)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Contract?

The Trigger is the Cumulative Index Change in the Index which is necessary to result in a Payout to the Contract Holder.  The Trigger is expressed as a negative percentage and must always have a value greater than the Cap (i.e., if the Cap is -20%, then the Trigger is -10% or -5%, etc.).  The Contract's Trigger is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs:  "[What is the Cumulative Index Change?](/faqs/what-is-the-cumulative-index-change)", "[What is the Index?](/faqs/what-is-the-index)", "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Contract Holder?](/faqs/what-is-the-contract-holder)", "[What is the Cap?](/faqs/what-is-the-cap)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Trigger?

The Summary of Key Terms and Conditions outlines the crucial defined terms associated with your Contract.  These are presented on the first page of the Contract, serving as an immediate reference for understanding the Contract's primary conditions and specifics.

For more information about these terms, please refer to the respective FAQs:  "[What is the Contract?](/faqs/what-is-the-contract)".

*What is the Summary of Key Terms and Conditions?

In the context of the Contract, Property refers to the specific real estate identified as the Covered Property Address in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Covered Property Address?](/faqs/what-is-the-covered-property-address)", and "[What is the The Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Property?

The Contract Holder is the owner of the residential real estate identified as the Covered Property Address in your Contract's Summary of Key Terms and Conditions.  It's crucial to understand that in order to be eligible for a Payout, the Property in the Contract must be under the Contract Holder's ownership.  The Contract Holder is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs:  "[What is the Covered Property Address?](/faqs/what-is-the-covered-property-address)", "[What is the Contract?](/faqs/what-is-the-contract)", "[What is the The Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)", "[What is the Payout?](/faqs/what-is-the-payout)", and "[What is the Property?](/faqs/what-is-the-property)".

*What is the Contract Holder?

The Covered Property Address is the certain identified residential real estate property that is subject to the terms and conditions of the Contract for the purposes of protecting against potential decreases in value.  It's crucial to understand that in order to be eligible for a Payout, the Property detailed in the Contract must be under the Contract Holder's ownership.  The Covered Property Address is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Contract?](/faqs/what-is-the-contract)", "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Property?](/faqs/what-is-the-property)", "[What is the Contract Holder?](/faqs/what-is-the-contract-holder)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Covered Property Address?

Aggregate Notional Index Exposure is the notional amount used to determine the Payout under your Contract relative to the value of the Index.  The Aggregate Notional Index Exposure is calculated by multiplying (i) the Maximum Payout and (ii) ten (10).  Your Contract's Aggregate Notional Index Exposure is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Contract?](/faqs/what-is-the-contract)", "[What is the Index?](/faqs/what-is-the-index)", "[What is the Maximum Payout?](/faqs/what-is-the-maximum-payout)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Aggregate Notional Index Exposure?

The Cumulative Index Change is the change in the Index over the Term, which is an amount equal to (i) an amount equal to Monthly Index Value of the Expiration Index Value Date divided by the Starting Index Value minus (ii) one (1).  The Cumulative Index Change is determined on the Expiration Date.

For more information about these terms, please refer to the respective FAQs: "[What is the Index?](/faqs/what-is-the-index)", "[What is the Term?](/faqs/what-is-the-term)", "[What is the Monthly Index Value?](/faqs/what-is-the-monthly-index-value)", "[What is the Expiration Index Value Date?](/faqs/what-is-the-expiration-index-value-date)", and "[What is the Starting Index Value?](/faqs/what-is-the-starting-index-value)".

*What is the Cumulative Index Change?

The Ending Indicative Property Value is your home's estimated market value as of the Expiration Date based on the Cumulative Index Change.  The Ending Indicative Property Value is calculated by multiplying (i) the Starting Indicative Property Value and (ii) an amount equal to the sum of (a) one (1) and (b) the Cumulative Index Change.  

For more information about these terms, please refer to the respective FAQs: "[What is the Expiration Date?](/faqs/what-is-the-expiration-date)", "[What is the Cumulative Index Change?](/faqs/what-is-the-cumulative-index-change)", and "[What is the Starting Indicative Property Value?](/faqs/what-is-the-starting-indicative-property-value)".

*What is the Ending Indicative Property Value?

The Expiration Index Value Date is the month and year of the Monthly Index Value utilized to determine the Cumulative Index Change of your Contract.  Your Contract's Expiration Index Value Date is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Monthly Index Value?](/faqs/what-is-the-monthly-index-value)", "[What is the Cumulative Index Change?](/faqs/what-is-the-cumulative-index-change)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Expiration Index Value Date?

The Monthly Index Value, as of any date of determination, is the published Index value as of the last business day of a month.  

For more information about these terms, please refer to the respective FAQs: "[What is the Index?](/faqs/what-is-the-index)".

*What is the Monthly Index Value?

The Property Value Cap is the predefined Property value as of the Effective Date which, when the Ending Indicative Property Value falls below it based on the Cumulative Index Change, obligates REZITRADE to remit the Maximum Payout to you.  The Property Value Cap is calculated by multiplying (i) the Starting Indicative Property Value and (ii) the sum of (a) one (1) and (b) the Cap.  The Property Value Cap is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Property?](/faqs/what-is-the-property)", "[What is the Effective Date?](/faqs/what-is-the-effective-date)", "[What is the Ending Indicative Property Value?](/faqs/what-is-the-ending-indicative-property-value)", "[What is the Cumulative Index Change?](/faqs/what-is-the-cumulative-index-change)", "[What is the Maximum Payout?](/faqs/what-is-the-maximum-payout)", "[What is the Starting Indicative Property Value?](/faqs/what-is-the-starting-indicative-property-value)", "[What is the Cap?](/faqs/what-is-the-cap)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Property Value Cap?

The Property Value Trigger is the predefined Property value as of the Effective Date which, when the Ending Indicative Property Value falls below it based on the Cumulative Index Change, obligates REZITRADE to remit the applicable Payout to you.  The Property Value Trigger is calculated by multiplying (i) the Starting Indicative Property Value and (ii) the sum of (a) one (1) and (b) the Trigger.  The Property Value Trigger is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Property?](/faqs/what-is-the-property)", "[What is the Effective Date?](/faqs/what-is-the-effective-date)", "[What is the Ending Indicative Property Value?](/faqs/what-is-the-ending-indicative-property-value)", "[What is the Cumulative Index Change?](/faqs/what-is-the-cumulative-index-change)", "[What is the Payout?](/faqs/what-is-the-payout)", "[What is the Starting Indicative Property Value?](/faqs/what-is-the-starting-indicative-property-value)", "[What is the Trigger?](/faqs/what-is-the-trigger)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".


*What is the Property Value Trigger?

The Starting Index Value is the Monthly Index Value as of Effective Date.  This value, which represents the base level of the Index for the Contract, is a crucial element for determining whether a Payout is owed under the Contract.  The Starting Index Value is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs: "[What is the Monthly Index Value?](/faqs/what-is-the-monthly-index-value)", "[What is the Effective Date?](/faqs/what-is-the-effective-date)", "[What is the Index?](/faqs/what-is-the-index)", "[What is the Contract?](/faqs/what-is-the-contract)", "[What is the Payout?](/faqs/what-is-the-payout)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Starting Index Value?

The Starting Index Value Date is the specific month and year indicated in the Summary of Key Terms and Conditions.  This date identifies the month and year of the Starting Index Value for the Contract.

For more information about these terms, please refer to the respective FAQs:  "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)", and "[What is the Starting Index Value?](/faqs/what-is-the-starting-index-value)".

*What is the Starting Index Value Date?

The Starting Indicative Property Value, as detailed in the Summary of Key Terms and Conditions, is the Contract Holder's good faith estimate of the market value of the Property as of the Effective Date.

For more information about these terms, please refer to the respective FAQs:  "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)", "[What is the Contract Holder?](/faqs/what-is-the-contract-holder)", "[What is the Property?](/faqs/what-is-the-property)", and "[What is the Effective Date?](/faqs/what-is-the-effective-date)".

*What is the Starting Indicative Property Value?

The Starting Indicative Property Value Coverage is a ratio determined by dividing the Aggregate Notional Index Exposure by the Starting Indicative Property Value.  This ratio shows the proportion of the estimated Property value covered by your Contract.  The Starting Indicative Property Value Coverage is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs:  "[What is the Aggregate Notional Index Exposure?](/faqs/what-is-the-aggregate-notional-index-exposure)", "[What is the Starting Indicative Property Value?](/faqs/what-is-the-starting-indicative-property-value)", "[What is the Property?](/faqs/what-is-the-property)", "[What is the Contract?](/faqs/what-is-the-contract)" and  "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

*What is the Starting Indicative Property Value Coverage?

The Effective Date is the is the first day of the Term of your Contract.  The Effective Date is detailed in the Summary of Key Terms and Conditions.

For more information about these terms, please refer to the respective FAQs:  "[What is the Term?](/faqs/what-is-the-term)", "[What is the Contract?](/faqs/what-is-the-contract)", and "[What is the Summary of Key Terms and Conditions?](/faqs/what-is-the-summary-of-key-terms-and-conditions)".

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