Florida Insurance Terms and Definations words starting with letter T.

Insurance Definitions and Insurance Terms Letter T

Insurance Terms By Alphabet

Insurance Glossary and Insurance Terms Definitions are below.

Choose the letter of the alphabet that your Insurance question or term falls under. You may browse the
definitions to obtain an understanding of the product you have. These definitions are not limited to just car
Insurance. Thank you for visiting our site.

TERM Insurance
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.

TERRITORIAL RATING
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.

TERRORISM Coverage
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.

THIRD-PARTY ADMINISTRATOR
Outside group that performs clerical functions for an Insurance company.

THIRD-PARTY Coverage
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.

TIME DEPOSIT
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.

TITLE Insurance
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.

TORT
A legal term denoting a wrongful act resulting In injury or damage on which a civil court action, or legal
proceeding, may be based.

TORT LAW
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.

TORT REFORM
Refers to legislation designed to reduce liability costs through limits on various kinds of damages and
through modification of liability rules.

TOTAL LOSS
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.

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.

NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy.