Impound Account - Funds retained by a lender to cover such items as taxes and hazard insurance premiums.
Independent Contractor - One who is retained to perform a certain act subject to the control and direction of another as to the end result but not as to how the act is performed. The critical feature is that an independent contractor, unlike an employee, is not subject to the control of the person who retained him or her.
Index - A measure of interest rate changes used to cover such items as taxes and hazard insurance premiums.
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