T – Glossary of Terms

ALPHABETICAL LISTING 

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Tax Basis:
Money which has yet to be taxed.

Tenants Improvements and Betterment’s:
The property affixed to an owner’s building by the lessee or tenant which may not be legally removed when the tenant leaves.

Term:
A period of time a policy or bond is issued.

Term Insurance:
Life insurance payable to a beneficiary only when an insured dies within a specified period, (5, 10, 15, or 20 years). This is the quickest way to “build” an estate.

Testamentary Trust:
A trust created after the grantor’s death, according to the provisions of the the will of its creator.

Third Party Insurance:
The claimant under a liability policy. This person making the claim is not one of the other two parties, the insured and insurer.

Threshold Level:
The point, measured in money, time, or other ways, which tort liability can be established.

Time Limit on Certain Defenses:
The 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.

Tort:
A private wrong, other than a breach of contract, for which a court of law will afford legal relief.

Travel Accident Insurance:
A limited insurance contract covering only accidents while an insured person is traveling.

Trust:
A legal instrument allowing one party to control property for the benefit of another.

Turnover Rate:
Rate at which employees terminate covered service other than by death or retirement.

Twisting:
The act 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 from another company.
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