TPA third party administrator.
(1) A large risk that attracts unusually keen competition among insurers, agents or brokers, or
(2) A large, hazardous risk for which insurance is difficult to place.
temporary insurance agreement
A separate contract included with a life insurance application providing coverage
to eligible proposed insureds during underwriting, which ends when the application
is issued or declined.
term Generally, the period of time for which a
policy or bond is issued.
term insurance A type of life insurance
policy that provides protection for a specified time period; most do not have
theft The willful taking of one personís property
by another, wrongfully. To recover indemnity, an intent permanently to deprive
the owner of his/her property need not be established for there to be a theft
under the policy.
third party (under a liability insurance policy)
A person, not a party to the insurance contract, who has an alleged or actual
claim for injury or damage against the person insured under the policy.
total disability Frequently defined
as the inability to perform any of the duties of oneís occupation.
trust agreement A supplemental settlement
agreement which distributes the proceeds in a special way, much as a regular
fiduciary trust does. Insurance companies cannot enter into trust agreements.
trustee A person appointed to manage the property
twisting The practice of inducing a policy
owner in one company to lapse, forfeit, or surrender a policy for the purpose
of taking out a policy in another company. It is a crime in all states and
is typically classified as a misdemeanor.