Glossary Index

Glossary on General Insurance Terms starting with T


TAINTING : State of the cargo being soiled due to atmospheric conditions; for example arising because cargo is in close proximity where odors like orange tainting teas are prevalent

TALLY SHEET : Document made by the port trust officials that records description of cargo and number of packages as cargo lands from the ship; it also records when package does not land in sound condition known as landing tally and requisition by the insurance provider for import claim under the marine policy for verification whether the package that comprised the claimed item for landed in damaged condition thus indicating loss to have occurred while in the custody of the carrier

TANK CONTAINERS : Made from stainless steel with size of 8X8X10 and 4000 liter capacity used for carrying corrosive, toxic, inflammable, and dangerous chemical substances; these tank containers have the convenience of easier handling and complete adaptability to integrated transport systems for more effective volume loading and less costly than drums

TANK FARM : Area at the refineries, storage depots, or terminals that is dedicated to storage tanks and related safety requirements for the adjoining space and spillage containment devices

TANKERS :  Liquid bulk cargo carriers that are strongly built for carrying liquid cargoes like petrol, oil, molasses etc. speed is between 10 and 15 knots and ply only on fixed routes, collision damage results in huge losses; risk of fire and explosion during discharging the cargo is higher with greater possibilities of pollution perils

TARE : Weightage of the packing in consignments or unlade weight in containers or vehicles

TARIFF RATE : Rate determined by tariff committee for specific property/properties and against specific peril/s that will have to scrupulously adhered to by the insurance providers; in most cases this fixed rate is the minimum that is chargeable in any condition allowing insurers to charge higher if the need arises

TAX TOKEN : Token issued by the RTO for having paid the required tax/es for the vehicle/s; strictly speaking payment or non-payment does not vitiate insurance contract and liability under the policy is not prejudiced

TAXYING (AIRCRAFT) : Includes all movement of aircraft under its own power other than for the flight purpose; taxying is not deemed to end merely due to temporary halting of aircraft during the course of taxying from one point to another

TEARING APART ON ACCOUNT OF CENTRIFUGAL FORCES : Insured equipment, machine, or apparatus splitting in fractions because of the force tending to pull it outward when rotating rapidly around the center; contingency is irrecoverable under explosion coverage part of the standard fire and special perils cover

TELEVISION INSURANCE : Insurance cover for TV apparatus and antenna as well as VCR against fire and allied perils; riot and strike and other accidental damage through external means, electrical, and mechanical breakdown, housebreaking, burglary, and theft; coverage is also provided against 3rd party liabilities of insured or loss to own property due to accidents caused through or by insured item; different premium rates are applied by insurance companies based on whether equipment is for personal or commercial usage and if let on rent

TEMPORARY TOTAL DISABLEMENT : Injuries or illnesses that prevent an individual from doing his/her normal duties for a limited period of time

THEFT  : Any act of stealing

THIRD PARTY  :  Claimant under liability policy; because person making the claim is not among the insured or the insurance provider; third party claim is a demand made by any individual against the policyholder of another company and payment that will be made by the company

THE BILL OF LADING ACT,1855  : Parliamentary act detailing the rights of the merchant of goods, consignor, consignee, and other related parties

THE CARRIERS ACT, 1865 :  Defines relationship between common carrier and any other person including association, body of persons whether incorporated or not

TORT  : Legal term implying wrongful act due to injury or damage on which civil court action or proceeding may be based

TRAVEL ACCIDENT POLICY :  Insurance cover for covering medical expenditures, trip cancellation, loss of luggage, flight accident, and other such losses during travel either in the insured's own country or abroad

TREATY : Agreement between reinsurance provider and ceding insurer outlining the details of the reinsurance arrangement

TABLE OF MULTIPLES : Life expectancy figures provided by the Internal Revenue Service used while calculating exclusion ratio for life contingent annuities; separate tables offer figures for joint and last survivor annuities, annuities that comprise refund or minimum payment guarantees, and annuities paying quarterly, bi-annually, and annually

TAX BASIS : Cost from which the profits or losses are determined for income tax requirements

TAXABLE ESTATE : Value on which estate taxes are calculated by federal government

TEMPORARY LIFE ANNUITY : Annuity payable while the annuitant is alive but not beyond a specific period of time like 5 years; no payments post this period are made or on the death of the annuitant

TENANTS IN COMMON : Kind of joint property ownership whereby the owners may have unequal shares and does not involve right of survivorship

TEN DAY FREE LOOK : Notice on the first page of health plans providing the insured 10 days during which they can examine the policy and return it for claiming refund if unsatisfied

TERM INSURANCE :  Insurance payable to beneficiary only in case of the demise of the insured during the duration of the policy

TESTAMENTARY TRUST : Trust created through the creator's will

THIRD-PARTY OVER SUIT : Lawsuit where the 3rd party tries recovering damages assessed against the party through suit against the employer

THRESHOLD (NO-FAULT) : Point measured time, money, or other methods that are beyond tort liability that can be established; until that point is reached reparations must be paid within the provisions in the no-fault plan without any recourse to the law courts

TIME LIMIT : Period during which claim of notice or loss proof should be filed

TIME LIMIT ON CERTAIN DEFENSES : Two or three year period in health insurance plans post which the insurance company cannot deny any claim or void the plan due to pre-existing conditions or misstatements made at the time of the application

TORNADO :  Whirling wind over land mass accompanied by funnel-shaped cloud; is often violent and destructive within a narrow path often over several miles

TOTAL DISABILITY :  Injury or illness that prevents an insured individual from constantly performing daily duties related to her or his occupation or engaging in other kind of work

TRANSFERABILITY : Arrangement whereby the accumulated benefit credits of the terminating participant or the actuarial value are transmitted from one policy to another or to central agency

TRUST :  Legal instrument allowing one party the control of the property for the advantage of another

TURNOVER RATE :  Rate at which the employees terminate services except due to retirement or demise; expected future turnover can be considered by translating contributions to the benefits

TWISTING : Acts of life insurance agent for persuading client/s to discontinue one life plan and accept another policy; misrepresentation of the terms in either of the policies is often done that is detrimental to the insured

TAIL : Exposure existing post expiration of the plan and coverage that is purchased for covering such exposure; on the "occurrence" forms claims tail can be extended for several years after the policy expires and losses are recoverable; on "claims made" forms this coverage can be acquired for extending the period of reporting covered claims beyond the normal period of the policy

TITLE INSURANCE : Indemnifies the real estate owner in case clear ownership of the property is challenged through discovery of faults within the title

TO PAY AS CARGO : Used within ancillary insurances related to cargo when the insured is not needed to show any evidence for loss or interest and can claim on the plan if s/he is able to show corresponding loss has been settled on main cargo plan

TOTAL LOSS :  Can be actual total loss or constructive total loss whereby the cost of damage repair exceeding the insured property value

TRANSIT CLAUSE : Clause in the Institute Cargo Classes that specify attachment and termination of the coverage