Theft -
The
unlawful taking of the property of another with the intent to
permanently deprive the owner of its use or possession.
Third Party -
Any
liability claimant.
Third Party Claim -
Claims
for injury or damage to property of a third party alleged to
have been caused by the insured.
Tort -
A
wrongful act or omission, arising in the course of social
relationships, other than contracts, which violates a person's
legally protected right, and for which the law provides a
remedy in the form of an action for damages. Negligent torts
are those which arise as a result of the failure to meet the
duty to exercise care for the safety of the person or property
of others.
Total Loss -
Property
damaged to the extent that the cost of repairs exceeds the
market value less the salvage value.
Towing and Labor Coverage -
Provides insurance if your auto needs to be towed or requires
roadside assistance.
Tabular Plan - A retrospective rating plan,
which uses tables to furnish the various values for the rating
formula.
Target Risk -
(1) Certain high-value bridges, tunnels, and fine art
collections that are excluded from an automatic reinsurance
contract to permit specific handling of the capacity problem
and to release the reinsurer from the potential heavy
accumulation of liability on any one risk. (2) A large,
hazardous risk on which insurance is difficult to place. (3) A
large, attractive risk that is considered a target for
competing insurance companies.
Tariff Rate - A rate
established by a rating organization, which comes from the
tables, schedules and rules found in the tariff of rates.
Temporary Agent -
A person who is licensed to act as an agent for a brief period
of time (usually 90 days) without taking a written
examination. Temporary licenses are commonly granted to allow
someone to continue the business of an agent who has died,
become disabled, or entered active military service.
Term - The period
of time for which a policy or bond is issued.
Term Rule - The
provision in a rating manual which states the periods for
which coverages run, and discounts, if any, which apply to the
rates or premiums of policies issued for more than one year.
Termination - The
time the coverage under an insurance policy ends, either
because its term has expired or because it has been cancelled
by either party.
TRANSPARENCY - 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.
TRAVEL INSURANCE -
Insurance to cover problems associated with traveling,
generally including trip cancellation due to illness, lost
luggage and other incidents.
TREASURY
SECURITIES - 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.
TREATY
REINSURANCE - A standing agreement between insurers
and reinsurers. Under a treaty each party automatically
accepts specific percentages of the insurer’s business.
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