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Insurance Terms  -  A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Home / Insurance Dictionary


Tenants Policy:

See Renters Policy.



A period of time for which a policy is issued.


Term Insurance:

Life insurance protection during a limited number of years but expiring without value if the insured survives the stated period.


Territorial Rating:

A method of classifying risks by geographic location to set a fair price for coverage. The location of the insured may have a considerable im­pact on the cost of losses. The chance of an accident or theft is much higher in an urban area than in a rural one, for example.


Terrorism Coverage:

Included as a part of the package in standard commercial insurance policies before September 11, 2001 virtually free of charge. Since Sep­tember 11, terrorism coverage prices have increased substantially to reflect the current risk.


Theft Insurance:

Protection for loss of property due to stealing, including burglary, robbery and larceny.


Third-Party Administrator:

Outside group that performs clerical functions for an insurance company.


Third-Party Coverage:

Liability coverage purchased by the policyholder as a protection against possible lawsuits filed by a third party. The insured and the insurer are the first and second parties to the insurance contract. (See First-Party Coverage.)



Used in no-fault auto insurance to remove non-serious cases from the tort system by establishing a point of “threshold” that must be met or exceeded to sue in tort. Of those states and the District of Columbia that have no-fault auto insurance, many, including the District of Colum­bia, have a threshold in their plan. There are three types of thresholds: the dollar threshold, the disability threshold and the verbal threshold.


Title Insurance:

An insurance contract relating to real estate described in the policy which protects the insured landowner against loss or damage by reason of defects, liens or encumbrances in the insured title, if these faults exist at the date of the policy and are not expressly excluded from its terms.



Any wrongful act, damage or injury done willfully, negligently or in circumstances involving strict liability, but not involving breach of contract, for which a civil lawsuit can be brought.


Tort Law:

The body of law governing negligence, intentional interference, and other wrongful acts for which civil action can be brought, except for breach of contract, which is covered by contract law.


Tort Reform:

Refers to legislation designed to reduce liability costs through limits on various kinds of damages and through modification of liability rules.


Total Disability:

Disability that prevents a person from performing (a) any of his/her occupational duties, or (b) any duties for which he/she is reasonably qualified. Definitions vary within policies.


Total Loss:

The condition of an automobile or other property when damage is so extensive that repair costs would exceed the value of the vehicle or property.

Towing Coverage:

Insures against charges for towing and road service at the place of disablement, with a maximum amount stipulated for each occurrence.



A term used to explain the way information on financial matters, such as financial reports and actions of companies or markets, are communi­cated so that they are easily understood and frank.


Travel Insurance:

Insurance to cover problems associated with traveling, generally including trip cancellation due to illness, lost luggage and other incidents.


Treaty Reinsurance:

A general reinsurance agreement between the ceding or primary company and the reinsurer containing the contractual terms under which a portion or all of the primary company’s business or a particular class is passed on to the reinsurer.



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