Conveyance. - An instrument which transfers property from one person to another.
Lease. - Also called demise, a conveyance of property for life, or years, or at will, by one who has greater interest in the property.
Lessor. - The person who conveys the property and is the possessor of the reversion, generally the landlord.
Reversion, or an estate in reversion, is that estate which remains in an owner upon the grant of a part of his estate to another person.
Lessee. - The person to whom the property is conveyed - the tenant.
Insurable Interest. - The pecuniary interest which a person has in his own life or in that of another.
Premium. - The consideration paid by the assured.