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.
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.
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.
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.
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.)
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.
Click on the letter of alphabet, which the word you are looking for begins with:
