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Tail
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Liability that exists for losses that are not discovered or reported, or claims made and settled until some time after the policy has expired. Tail exposures may be found in almost all of the liability lines.
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Tail Coverage
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Insurance coverage available to provide protection for tail exposures. The present occurrence version of the commercial general liability (CGL) form already provides protection for losses that occurred during the policy period, regardless of when they are reported or claims made. The claims-made version of the CGL must be endorsed to provide coverage for claims that are not made during the policy period.
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Tenants Policy
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A form of homeowners policy sold to persons who rent their living quarters or who are co-op apartment owners.
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Term Insurance
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A type of life insurance policy that is not whole life or written to cover the whole remainder of the insured's lifetime, but instead is only written to cover a period of time. Often that period of time is a set number of years, such as one year, 10 years or 20 years. At other times, the policy is written for a term that expires at a specified age, for example, when the insured turns 65.
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Term Policy
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A policy written for longer than one year. If for less than a year, it is a short-term policy.
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Terrorist Insurance
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Property insurance coverages or policies designed to protect an insured against physical damage caused by terrorist acts.
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Theatrical Floater
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An inland marine policy covering loss or damage to the scenery, costumes, and other properties of a theatrical production.
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Theft
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A broad term meaning the wrongful taking of the property of another.
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Third Party
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The claimant under a liability policy, so called because the first two parties are the insured and insurer, who enter into the insurance contract, which pays the third party's claim.
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Third Party Insurance
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Protection against liability to a third party. The first two parties are the insured and the insurer.
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Tight Market
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In the property and liability insurance business, underwriting philosophies fluctuate between periods called the tight or hard market and the soft market. The tight or hard market is the period when underwriting standards are very tight and the rates are high. Normally the hard market closely follows a soft market period where the underwriting standards had been soft and the price or rates are very low, resulting in substantial underwriting losses. The cycle swings back and forth between soft underwriting with low rates and heavy losses, to the hard market with subsequent tightening of standards and dramatic increases in price.
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Time Element Insurance
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A coverage which pays for loss of earnings or income when business operations are interrupted, curtailed or suspended due to property loss as a result of an insured cause of loss. Also covered are loss of rents and rental value. The current commercial time element coverage forms are business income and extra expense. Extra expense covers costs incurred to continue operations at another location.
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Tornado
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A destructive and whirling wind of extreme violence which is accompanied by a funnel-shaped cloud moving rapidly over land in a narrow path. The barometric pressure may drop so severly and rapidly that buildings actually explode from within.
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Tornado Insurance
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Protection against damage done to property by usually high winds, cyclones, tornadoes, or hurricanes.
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Tort
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A legal wrong arising from a breach of duty fixed by law, except under contract, causing injury to persons or property and redressible by legal action for damages.
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Tort Law
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The area of civil law that involves tort actions, which are defined as: a legal wrong arising from a breach of duty fixed by law, except under contact, causing injury to persons or property and redressible by legal action for damages.
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Total Disability
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Inability to perform any functions of any occupation, caused by a covered illness or injury.
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Total Loss
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1)Loss of all the insured property.
2)Under a given policy, a loss involving the maximum amount for which that policy is liable.
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Transfer of Risk
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When the hazards of, exposures, or financial responsibility for loss is transferred or shifted from the risk to another entity. Various types of risk transfer or risk management methods are available and may include insurance policies, hold harmless and other contractual agreements, leasing mechanisms, or other alternate financing.
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Twenty-Four Hour Coverage
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An emerging theory aimed at providing medical and health insurance protection in one format for both work-related and non-work related coverage. In theory, this would eliminate the need for workers compensation coverage and would evolve the current traditional medical or health insurance program into 24-hour or around-the-clock protection, and would possibly set the venue for national health insurance coverage.
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Typhoon
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A hurricane-type storm originating in the Pacific Ocean, China Sea and the Philippines.
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