- Triple Option: 3 options are offered to the individual for an insurance plan. Usually, the options are indemnity, an HMO and a PPO.
- Terminally Ill: For all health care and insurance purposes, this refers to a person who is not expected to survive beyond six months due to a certain illness.
- Triage: This is a way of grouping sick or injured patients. It is done according to the severity of their illness. This is often done in order to secure the most effective utilization of services for them.
- Travel Accident Policy: This is a temporary policy covering events like accidents which takes place when a person is travelling.
- Term Life Insurance: This refers to life insurance that provides a cover for a particular period of time. The common periods for such covers are one to five years or until the age of the insured reaches 65 or 70.
- Tort: This refers to a wrong committed in a personal capacity. It refers to a wrong committed independent of a contract but which gives rise to a liability on a legal basis and is settled in a civil court. A tort may be deliberate or on deliberate. Liability insurance is primarily bought to provide covers against non- deliberate torts.
- Total Admitted Assets: It is the sum of all admitted assets of the company. These are estimated in accordance with state regulations and laws. These are reported by the company in the financial statements published by it. The item is expressed as a net of encumbrances on real estate and net on recoverable from reinsurers.
- Total Annual Loan Cost: This is the estimated annual cost of a reverse mortgage. It includes all costs that are itemized.
- Total Loss: Loss that is so great that no other value is available to it. It refers to the complete destruction of the said property. It may also mean that the loss is so great that it requires the complete payment of the policy.
- Tax Sheltered Annuity (TSA): This is a retirement annuity that is sold to organizations that offer retirement plans under sections of the Us Internal Revenue Code.
- Tax Deferred Basis: This refers to an accumulation of incomes on which taxes are not payable. The taxes are not applicable till the amount is withdrawn from the vehicle of investment.
- Term Certain Annuity: This is a type of annuity that makes payments over a period of time rather than after the death of the annuitant.
- Territorial Rating: This is a method by which the classification of risks is done according to the geographical location of the applicant rather than on other factors. Premiums are fixed accordingly. The insurance company may calculate possibility of losses according to the geographical location of the individual. For example, the chances of theft are higher in urban areas as compared to rural areas.
- Terrorism Coverage: This was a coverage provided as a part of any standard commercial insurance. Coverage was provided free of charge. However, since September 11th, the prices on covers have increased substantially.
- Third Party Administrator: This refers to an external group which performs clerical functions needed for an insurance company.
- Third Party Coverage: This refers to a cover bought by a party against possible law suits brought against it by a third party. The person who is insured is the first party and the insurer is the second party in the contract.
- Time Deposit: This refers to a particular sum of money that is held in a savings account with a particular rate of interest. The banks may disallow withdrawals from these accounts before a period of time. Penalties may also be imposed on these accounts on premature withdrawals.
- Time Limit On Certain Defenses Provision: This refers to a time after which the insurer may not cancel the insurance contract on grounds of misrepresentations in facts provided in the application. It also refers to the time after which coverage may not be reduced or denied because of pre existing conditions.
- Title Insurance: This is a coverage provided against losses due to a fault in the clear title to a property.
- Tort Reform: This is a legislation which tries to limit costs of liabilities by limiting different kinds of damages and by modifying liability rules.
- Total Disability: This refers to disability as defined in the provisions of disability insurance. It usually refers to the total and continuous disability of the insured which makes it impossible for him to conduct his daily activities. It may refer to a disability which restricts him from performing a job for which he is otherwise suited.
- Transparency: This refers to the explanation of matters and financial facts in a clear manner that can be understood. The explanations need to be frank and easy to understand.
- Travel Insurance: This provides coverage against the various problems associated with travelling. These may include cancelations due to sickness, losses due t lost luggage and other incidents.
- Treasury Securities: These are obligations of the US government that bear an interest. They are issued by the treasury in order to borrow money to meet expenditures of the government that cannot be met through tax revenues. They can be classified into the parts-bonds, notes and bills. They are issued now in book entry form only. Therefore, the buyer receives a statement only, not an engraved certificate.
- Treaty Reinsurance: This refers to a standing agreement between insurers and reinsurers. Under this treaty, the other party automatically accepts a particular percentage of the said party’s business.
- Twisting: This is an insurance sales practice that is illegal. In this practice, the agent misrepresents certain facts of an insurance contract in order to make it more palatable to the buyer. This is done to induce the buyer to change his contract to that which would lessen his advantage.