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Insurance Glossary

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  • Tax Basis:
    Money which has yet to be taxed.

  • Tenants Improvements and Betterment's:
    The property affixed to an owner's building by the lessee or tenant which may not be legally removed when the tenant leaves.

  • Term:
    A period of time a policy or bond is issued.

  • Term Insurance:
    Life insurance payable to a beneficiary only when an insured dies within a specified period, (5, 10, 15, or 20 years). This is the quickest way to "build" an estate.

  • Testamentary Trust:
    A trust created after the grantor's death, according to the provisions of the will of its creator.

  • Third Party Insurance:
    The claimant under a liability policy. The person making the claim is not one of the other two parties, the insured and insurer.

  • Threshold Level:
    The point, measured in money, time, or other ways, for which tort liability can be established.

  • Time Limit on Certain Defenses:
    The time period in health policies after which the insurer cannot deny a claim or void the policy because of pre-existing conditions or misstatements on the application.

  • Tort:
    A private wrong, other than a breach of contract, for which a court of law will afford legal relief.

  • Travel Accident Insurance:
    A limited insurance contract covering only accidents while an insured person is traveling.

  • Trust:
    A legal instrument allowing one party to control property for the benefit of another.

  • Turnover Rate:
    Rate at which employees terminate covered service other than by death or retirement.

  • Twisting:
    The act 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 from another company.

 
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Insurance Glossary is Copyrighted By Richard H. Reynolds.
Insurance Network of America Uses This Glossary By Permission.

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Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.

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