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Glossary of Insurance Terms
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- Temporary Life Annuity: An annuity
payable while the annuitant lives but not
beyond a specified period, such as five years.
No payments are to be made after the end of
the stipulated temporary period or the death
of the annuitant.
- Tenants in common: A form of joint
property ownership in which the owners may
have unequal shares and which does not involve
a right of survivorship. See also Joint
Tenants
- Ten Day Free Look: A notice on the
first page of health insurance policies that
the insured has ten days in which to examine
the policy and return it for a refund of
premium if he is not satisfied with the
policy.
- Term Insurance: Life insurance
payable to a beneficiary only when an insured
dies within a specified period. The coverage
expires without value if the insured survives
the stated period. (For
more information-click here)
- Testamentary trust: A trust created
through the will of its creator.
- Theft, Disappearance and Destruction of
Money and Securities Insurance: Coverage
designed to provide protection against
financial loss for loss of money and
securities resulting directly from theft (any
act of stealing), disappearance and
destruction. Coverage applies while the money
and securities are on the insured's premises,
while in the custody of the insured or the
insured's messenger while conducting business
at the bank, and while off the insured's
premises in the custody of the insured or the
insured's messenger.
- Third Party: The claimant under a
liability policy. So called because the person
making the claim is not one of the two
parties, insured and insurer, to the insurance
contract.
- Third party claim: A demand made by
a third party against a policyholder of an
insurer and any payment that will be made by
that company.
- Third-party over suit: A lawsuit
where a third party tries to recover damages
assessed against that party by bringing suit
against his or her employer.
- Threshold: The point, measured in
money, time or other ways, beyond which tort
liability can be established. Until that point
is reached, reparations must be paid within
the provisions of the no-fault plan, with no
recourse to the courts.
- Time Element Insurance: Coverage
designed to provide insurance for a covered
incident resulting in loss of use of property
for a period of time.
For example Business Interruption and
Extra Expense insurance.
- Time Limit: The period of time
during which a notice of claim or proof of
loss must be filed.
- Time Limit on Certain Defenses: The
2-year or 3-year time period in health
insurance policies after which the insurer
cannot deny a claim or void a policy because
of pre-existing conditions or misstatements on
the application.
- Time Value of Money: The income
that can be gained over time by holding money,
such as interest income or dividends.
- Tornado: A whirling wind over land,
accompanied by a funnel-shaped cloud. It is
usually very violent and destructive in a
narrow path, often for many miles.
- Tort: A civil wrong, other than a
breach of contract, for which a court of law
will afford legal relief, e.g. harming another
by an act of negligence in driving an auto.
- Total Disability: An illness or
injury which prevents an insured person from
continuously performing every duty pertaining
to his/her occupation or engaging in any other
type of work.
- Transferability: Any arrangement
under which the accumulated benefit credits of
a terminating participant, or their actuarial
value, are transmitted from one plan to
another, or to a central agency.
- Transit Insurance: Coverage of the
insured's property while in transit over land
from one location to another. Property
insurance policies typically provide coverage
only at locations identified in the policy.
- Travel Accident Policy: A limited
contract covering only accidents while an
insured person is traveling, usually on a
commercial airline carrier.
- Treaty: An agreement between a re-insurer
and a ceding insurer setting forth details of
the reinsurance arrangement.
- Trust: A legal instrument allowing
one party to control property for the benefit
of another.
- Twisting: The practice of inducing
by misrepresentation, or inaccurate or
incomplete comparison, a policyholder in one
company to lapse, forfeit or surrender his
insurance for the purpose of taking out a
policy in another company.
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