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Parsons & Associates. Inc. -- Insurance & Risk Management
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Parsons & Associates. Inc. -- Insurance & Risk Management
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  - T -       Insurance Glossary

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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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Insurance Glossary is Copyrighted By Richard H. Reynolds.
Parsons & Associates, Inc. Uses This Glossary By Permission.

 

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Parsons & Associates

Home Office:
The Galleries of Syracuse
440 South Warren Street, Suite 704
Syracuse, NY 13202

(315) 472-5420 Phone
(800) 440-9932 Toll Free
(315) 472-3222 FAX
(877) 472-8465 Toll Free FAX

 
NY City Office:
40 Wall Street
9th Floor
New York, NY 10005

(212) 344-1341 Phone
(877) 452-9776 Toll Free
(212) 344-1348 FAX
(800) 560-0805 Toll Free FAX

Direct All Mail to:
P.O. Box 3890
Syracuse, NY 13220-3890

Email: info@parsonsinsurance.com

Please Note: Insurance coverages may not be changed or added by
email request. They must be confirmed by a representative from P&A.

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