Insurance and risk management terminology · MLC-0106

Insurance and risk management terms: T (128)

T3 Lloyd's FormA standard stand-alone terrorism policy wording used in the Lloyd's market, also known as LMA 3030, that...
Table shavingA life insurance underwriting practice in which a carrier lowers an applicant's substandard table rating, or...
Tabular value reserve methodA loss reserving method for claims with known long-term payment streams, most often permanent disability and...
Tacit renewalA provision in an insurance contract that automatically renews the policy for a subsequent period unless...
TailThe period after a policy ends during which claims from events within the policy period are still being...
Tail coverageAn optional provision added to a claims-made policy that extends the time for reporting claims after the...
Tail value at risk or tail conditional expectationA risk measure that quantifies the expected loss in the event that a loss exceeds the value at risk (VaR)...
TakafulAn Islamic insurance system based on principles of mutual cooperation, where participants contribute to a...
Target riskA specific type of hazard or exposure that an insurer identifies as particularly undesirable or prone to high...
Targeted tenderA legal strategy where an insured specifically directs a claim to one of several potentially applicable...
TariffA published schedule of insurance rates, terms, and conditions that an insurer applies to specific classes of...
Tax accelerationThe shifting of a tax deduction into an earlier tax year, for example by paying an expense or insurance...
Tax harmonizationThe process of aligning tax systems and policies across different jurisdictions, often within a common...
Tax interruption coverageProperty coverage for public entities such as cities and counties that reimburses lost tax revenue when...
Tax multiplier TMA factor applied in workers' compensation premium calculations to account for state-specific taxes...
Tax opinion insuranceA specialized insurance policy that protects taxpayers against financial losses arising from an adverse tax...
Tax Reform Act of 1984 (TRA)A piece of United States federal legislation that substantially altered the tax treatment of life insurance...
Technical and Miscellaneous Revenue Act of 1988 TAMRAA United States federal law that made further technical corrections and miscellaneous amendments to the...
Technique of operations review system TORAn analytic technique for tracing an accident or operating problem back to the management and system failures...
Technology errors and omissions insurance tech E&OA specialized form of professional liability coverage designed for technology companies and professionals. It...
TelecommutingThe practice of working remotely from a location other than a traditional office, typically using...
TelemedicineThe practice of providing healthcare services remotely using telecommunications technology, such as video...
Telephone Consumer Protection Act of 1991 TCPAA federal law restricting telemarketing calls, faxes, and text messages to consumers. It prohibits the use of...
Temporary partial disability TPDA workers' compensation benefit paid to an injured employee who can return to work in a reduced capacity but...
Temporary storage locationA storage site, not owned, leased, or operated by the insured, where materials that will become a permanent...
Temporary total disability TTDA workers' compensation benefit paid to an injured employee who is completely unable to work for a temporary...
Tenants and neighbors liabilityA property policy extension covering the insured's legal liability under civil code systems. It responds when...
Tender of defenseThe formal notification by an insured party to their insurer, requesting that the insurer assume the...
Tender offer defense expenseCosts incurred by a company to resist an unsolicited attempt by another party to acquire a controlling stake...
Tentative ratesNFIP rates used to issue policies for applications that fail to provide the NFIP with valid actuarial rating...
Term life insuranceA type of life insurance that provides a death benefit to the beneficiary if the insured person dies within a...
Terminal coverageInsurance protection for goods or cargo while they are located at a port, airport, or other transportation...
Terminal dividendA non-guaranteed payment made to policyholders of participating life insurance policies when the policy...
Terminal operatorA company or entity responsible for managing and operating a facility where cargo is transferred between...
Terminal reserveThe actuarial reserve held for a life insurance policy at the end of a policy year, representing the amount...
TerminationThe ending of an insurance policy's coverage, either by expiration, cancellation, or non-renewal. In workers'...
TerrorismThe use of violence or the threat of violence to intimidate or coerce a government or civilian population to...
Terrorism endorsementAn addition to an insurance policy that modifies or clarifies coverage for losses resulting from acts of...
Terrorism insuranceCoverage that protects against losses and damages resulting from acts of terrorism. This type of insurance...
Terrorism Risk Insurance Act of 2002 TRIAA federal law that created a temporary federal program to share the risk of insured losses resulting from...
Terrorism Risk Insurance Extension Act of 2005 TRIEAA United States federal law that extended the Terrorism Risk Insurance Act (TRIA) for an additional two...
Terrorism Risk Insurance Program Reauthorization Act of 2007 TRIPRAA U.S. federal law that extended the Terrorism Risk Insurance Act program for seven years, through December...
Terrorism Risk Insurance Program Reauthorization Act of 2015 TRIPRAA United States federal law that reauthorized the Terrorism Risk Insurance Act (TRIA) for six years...
Tertiary beneficiaryAn individual or entity designated to receive the benefits of a life insurance policy or other financial...
Test modifierA projected workers' compensation experience modification factor, calculated before the rating bureau...
Testing coverageBuilders risk and installation property coverage, added by endorsement, for physical loss to machinery and...
Tetrahydrocannabinol THCThe primary psychoactive compound found in cannabis, responsible for most of the effects associated with...
That particular partWording in the commercial general liability exclusions for property damage to real property being worked on...
Theft, Disappearance, and Destruction of Money and Securities Coverage Form CA standard insurance form providing coverage for the loss of money and securities resulting from theft...
Third country nationalAn individual who is a citizen of a country other than the one in which they are currently residing or...
Third partyA person or entity not directly involved in an insurance contract but who may be affected by the actions of...
Third-party administratorAn organization that handles administrative tasks for an insurance plan, such as claims processing, premium...
Third-party beneficiary principleA legal doctrine allowing a person who is not a party to a contract to enforce its terms if the contract was...
Third-party claimsDemands for compensation made by individuals or entities who are not directly party to an insurance contract...
Third-party employment practices liability coverageInsurance protection for an employer against claims of wrongful acts arising from employment practices that...
Third-party liability coverageInsurance protection that covers the insured's legal responsibility for injury or damage caused to another...
Third-party litigation financing (TPLF)The practice where an external investor, who is not a party to the lawsuit, provides funds to a litigant in...
Third-party litigation fundA financial entity or investment vehicle that provides capital to plaintiffs or law firms to cover the costs...
Third-party payerAn entity, such as an insurance company or government program, that pays for health care services on behalf...
Third-party riskThe potential for loss or damage arising from the actions or inactions of an external entity that is not...
Third-party-over actionA lawsuit brought by an injured employee against a third party, other than their employer, who is responsible...
ThresholdA predetermined level or point that, when reached or exceeded, triggers a specific action, consequence, or...
Threshold levelA specific point or value that must be met or surpassed for a particular event or condition to occur or for a...
Tie-in endorsementsA title insurance loan policy endorsement, also called the aggregation endorsement, used when one loan is...
Time element insuranceCoverage that protects against financial losses resulting from the interruption of business operations due to...
Time element lossA loss measured by how long it takes to resume operations rather than by the physical damage itself, such as...
Time series analysisA statistical method used to analyze data points collected over a period of time to identify trends, cycles...
Time value of moneyThe principle that a sum of money is worth more now than the same sum will be at a future date due to its...
Title VII of the Civil Rights Act of 1964A federal law prohibiting employment discrimination based on race, color, religion, sex, or national origin...
Tolling a statute of limitationsThe temporary suspension or delay of the period within which legal action must be initiated, as prescribed by...
TontineAn investment scheme where participants contribute to a common fund, and the last surviving member or members...
Tool and die floaterAn inland marine insurance policy designed to cover tools, dies, jigs, and patterns, whether they are on the...
TortA civil wrong or injury that results in harm to another person or property, for which the law provides a...
Tort thresholdA legal requirement in some no-fault automobile insurance systems that specifies the minimum level of injury...
TortfeasorAn individual or entity that commits a civil wrong, causing injury or harm to another party. This party is...
Total disabilityA condition, as defined by an insurance policy, where an individual is unable to perform the material and...
Total insurable valueThe aggregate value of all property, business income, and other assets that an insured entity has covered...
Total insured value provisionA reinsurance treaty clause that withholds automatic cover from a property risk whose total insured value...
Total lossA situation where the cost to repair damaged property exceeds its actual cash value or a specified percentage...
Total pollution exclusionA clause in an insurance policy that broadly denies coverage for bodily injury or property damage arising...
Towing operationsThe business activity of moving disabled or impounded vehicles using specialized trucks. This involves...
TownhomeA type of single-family dwelling that shares one or more vertical walls with an adjacent unit, but has its...
Toxic Substances Control Act of 1976A federal law that authorizes the Environmental Protection Agency (EPA) to regulate the introduction of new...
Toxic tortA type of personal injury lawsuit alleging harm caused by exposure to a hazardous substance, such as...
Tradable riskA risk that can be transferred from one party to another through a financial instrument or contract, allowing...
Trade disruption insurance (TDI)A specialized form of business interruption insurance that protects companies against financial losses...
Trade dressThe overall commercial image and aesthetic of a product or service that identifies its source and...
Trade libelA false and malicious statement made about a competitor's goods, services, or business practices that causes...
Trading loss coverageAn insurance provision, often an extension to a fidelity bond or crime policy, that protects a financial...
Trailer Interchange Insurance CA 23 98A specific endorsement used in commercial auto insurance to cover physical damage to a non-owned trailer...
TrancheA segment or portion of a larger financial instrument, such as a bond or a collateralized debt obligation...
Transfer of riskThe shifting of financial responsibility for potential losses from one party to another. This is a...
Transfer pricingThe method of setting prices for goods, services, or intellectual property exchanged between related entities...
Transfer risk pricingThe process of determining the appropriate premium or cost for assuming a specific risk from another party...
Transit coverageA form of inland marine insurance that protects a business's property against loss or damage while it is...
Transitional dutiesModified or alternative job tasks assigned to an injured employee who is medically cleared for light duty but...
Transportation expensesA coverage included in some personal auto policies that reimburses the insured for costs incurred for...
Transportation network company (TNC)A company that uses a digital platform, such as a mobile application, to connect passengers with drivers who...
Transportation Risk and Insurance Professional TRIP™A professional designation earned by completing a continuing education program on transportation risk...
Travel agents errors and omissions insuranceA professional liability insurance policy that protects travel agencies and individual travel agents from...
Travel insuranceA type of policy that covers financial losses and other risks incurred while traveling away from home...
Travel trailerUnder the NFIP, a travel trailer can be considered a building only if it is without wheels, built on a...
TreatyA formal agreement between a ceding insurer and a reinsurer outlining the terms and conditions under which a...
Treaty reinsuranceA type of reinsurance where the ceding insurer agrees to cede and the reinsurer agrees to accept all risks of...
Trend analysisThe process of examining historical data to identify consistent patterns or directions in workers'...
Trend factorA multiplier applied to historical loss data to adjust for anticipated changes in claim costs over time. This...
TrespasserAn individual who enters onto the land or property of another without permission or legal right. Under...
Trial courtThe first level of a judicial system where cases are initially heard, evidence is presented, and facts are...
Triggering event theoryA legal doctrine used in insurance to determine which liability policy or policies are activated when an...
Trip leaseA short-term agreement where a motor carrier leases a truck and driver from another carrier for a single trip...
Trip permitA temporary document that allows a commercial motor vehicle to operate legally in a specific jurisdiction for...
Trip transit insuranceA specialized form of inland marine insurance that provides coverage for goods and personal property during a...
Triple excess coverageA basis on which outside directorship liability coverage responds only after three prior protections are...
Triple option planA health insurance plan that offers members a choice among three delivery systems, a health maintenance...
Triple trigger theoryA legal doctrine in insurance that holds all liability policies in effect from the initial exposure to a...
Trojan horseA type of malicious software disguised as legitimate software, which, once installed, creates a backdoor for...
Truckers downtime insuranceA type of business interruption insurance specifically designed for trucking operations, providing coverage...
Truckers policyA specialized commercial auto insurance package designed for businesses that transport goods for hire. It...
Truckload TLA shipping method where a single consignment occupies the entire capacity of a truck trailer, without sharing...
Trust agreementA legal document that establishes a trust, outlining the terms and conditions under which assets are held and...
Trust department errors and omissions coverageProfessional liability insurance specifically designed for the trust departments of financial institutions...
Trust fundA legal entity holding assets that are managed by a trustee for the benefit of one or more beneficiaries. In...
TrusteeAn individual or entity legally appointed to hold and administer assets or property for the benefit of...
Trustee group life insuranceA type of group life insurance policy issued to a trustee, who then holds the policy for the benefit of...
Turnkey operationA project or business for which a contractor or provider assumes complete responsibility from design through...
TwistingAn unethical and illegal practice where an insurance agent persuades a policyholder to cancel an existing...
Two-factor authenticationA security process that requires users to provide two different authentication factors to verify their...
Two-four (2 - 4) family buildingA residential building, including an apartment building, containing two to four residential spaces and in...

128 of 3,682 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.