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Glossary
Table of Contents
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 | Table of multiples: The life expectancy
figures provided by the Internal Revenue Service to be used in calculating
the exclusion ratio for life contingent annuities after June 30, 1986.
Separate tables provide the figures for joint and last survivor annuities,
annuities that contain a refund or minimum payment guarantee, and for
annuities that pay quarterly, semiannually, or annually.
| Tax Basis:The cost from which your profits or
losses are calculated for income tax purposes.
| Taxable estate: The value upon which estate
taxes are calculated by the federal government.
| Temporary Life Annuity: An annuity
payable while the annuitant lives but not beyond a specified period, such as
five years. No payments are to be made after the end of the stipulated
temporary period or the death of the annuitant.
| Tenants in common: A form of joint
property ownership in which the owners may have unequal shares and which
does not involve a right of survivorship.
| "Ten Day "Free Look": A
notice on the first page of health insurance policies that the insured has
ten days in which to examine the policy and return it for a refund of
premium if he is not satisfied with the policy.
| Term Insurance: Life insurance payable to a
beneficiary only when an insured dies within a specified period.
| Term Insurance: Life or health insurance
protection during a limited number of years but expiring without value if
the insured survives the stated period.
| Testamentary trust" A trust created
through the will of its creator.
| Third Party: The claimant under a liability
policy. So called because the person making the claim is not one of the two
parties, insured and insurer, to the insurance contract. Third
party claim: a demand made by a person against a policyholder of another
company and any payment that will be made by that company.
| Third-party over suit: a lawsuit where a
third party tries to recover damages assessed against that party by bringing
suit against the employer.
| Threshold (No-Fault): The point, measured in
money, time or other ways, beyond which tort liability can be established.
Until that point is reached, reparations must be paid within the provisions
of the no-fault plan, with no recourse to the courts.
| Time Limit: The period of time during which a
notice of claim or proof of loss must be filed.
| Time Limit on Certain Defenses:
The 2-year or 3-year time period in health policies after which the insurer
cannot deny a claim or void the policy because of pre-existing conditions or
misstatements on the application.
| Tornado: A whirling wind over land, accompanied by a
funnel-shaped cloud. It is usually very violent and destructive in a narrow
path, often for many miles.
| Tort: A civil wrong, other than a breach of contract,
for which a court of law will afford legal relief, i.e. harming another by
an act of negligence in driving an auto.
| Tort
Law
| Total Disability: An illness or injury
which prevents an insured person from continuously performing every duty
pertaining to his/her occupation or engaging in any other type of work.
(This wording varies among insurance companies.)
| Transferability: Any arrangement under which
the accumulated benefit credits of a terminating participant, or their
actuarial value, are transmitted from one plan to another, or to a central
agency.
| Travel Accident Policy: A limited
contract covering only accidents while an insured person is traveling,
usually on a commercial carrier.
| Treaty: An agreement between a reinsurer and a ceding
insurer setting forth details of the reinsurance arrangement.
| Trust: A legal instrument allowing one party to
control property for the benefit of another.
| Turnover Rate: The rate at which employees
terminate covered service other than by death or retirement. Expected future
turnover can be taken into account in translating contributions into
benefits.
| Twisting: The practice of inducing by
misrepresentation, or inaccurate or incomplete comparison, a policyholder in
one company to lapse, forfeit or surrender his insurance for the purpose of
taking out a policy in another company. |
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