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TERM CERTAIN ANNUITY.
1
TERM INSURANCE.
1
TERRITORIAL RATING.
1
TERRORISM COVERAGE.
1
THIRD-PARTY ADMINISTRATOR.
1
THIRD-PARTY COVERAGE.
2
TIME DEPOSIT.
2
TITLE INSURANCE.
2
TORT.
2
TORT LAW..
2
TORT REFORM.
2
TOTAL LOSS.
2
TRANSPARENCY.
3
TRAVEL INSURANCE.
3
TREASURY SECURITIES.
3
TREATY REINSURANCE.
3
An form of
annuity that pays out over a fixed period rather than when the
annuitant dies.
A form of life
insurance that covers the insured person for a certain period of
time, the “term” that is specified in the policy. It pays a benefit
to a designated beneficiary only when the insured dies within that
specified period which can be one, five, 10 or even 20 years. Term
life policies are renewable but premiums increase with age.
A method of
classifying risks by geographic location to set a fair price for
coverage. The location of the insured may have a considerable impact
on the cost of losses. The chance of an accident or theft is much
higher in an urban area than in a rural one, for example.
Included as a
part of the package in standard commercial insurance policies before
September 11, 2001 virtually free of charge. Since September 11,
terrorism coverage prices have increased substantially to reflect
the current risk.
Outside group
that performs clerical functions for an insurance company.
Liability
coverage purchased by the policyholder as a protection against
possible lawsuits filed by a third party. The insured and the
insurer are the first and second parties to the insurance contract.
(See First-party coverage)
Funds that are
held in a savings account for a predetermined period of time at a
set interest rate. Banks can refuse to allow withdrawals from these
accounts until the period has expired or assess a penalty for early
withdrawals.
Insurance that
indemnifies the owner of real estate in the event that his or her
clear ownership of property is challenged by the discovery of faults
in the title.
A legal term
denoting a wrongful act resulting in injury or damage on which a
civil court action, or legal proceeding, may be based.
The body of law
governing negligence, intentional interference, and other wrongful
acts for which civil action can be brought, except for breach of
contract, which is covered by contract law.
Refers to
legislation designed to reduce liability costs through limits on
various kinds of damages and through modification of liability
rules.
The condition of
an automobile or other property when damage is so extensive that
repair costs would exceed the value of the vehicle or property.
A term used to
explain the way information on financial matters, such as financial
reports and actions of companies or markets, are communicated so
that they are easily understood and frank.
Insurance to
cover problems associated with traveling, generally including trip
cancellation due to illness, lost luggage and other incidents.
Interest-bearing
obligations of the U.S. government issued by the Treasury as a means
of borrowing money to meet government expenditures not covered by
tax revenues. Marketable Treasury securities fall into three
categories — bills, notes and bonds. Marketable Treasury obligations
are currently issued in book entry form only; that is, the purchaser
receives a statement, rather than an engraved certificate.
A standing
agreement between insurers and reinsurers. Under a treaty each party
automatically accepts specific percentages of the insurer’s
business.
Glossary of Insurance Terms
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