Life Insurance Glossary - T

Tail coverage
An extended reporting period extension under claims-made liability policies that provides coverage for losses that are reported after termination of the policy

Technical provision
Amount set aside on the balance sheet to meet liabilities arising out of insurance contracts, including claims provision (whether reported or not), provision for unearned premiums, provision for unexpired risks

Tenants Liability
Cover for damage to rented buildings

Theft
The unlawful taking of property of another: the term includes such crimes as burglary, larceny and robbery.

Third party
Someone other than the insured and insurance company

Third party claim
A demand made by a person against a policyholder and any payment that will be made by that company

Third Party Liability
Liability incurred by the insured to another party but excluding contractual liability

Tornado
A whirling wind over land, accompanied by a funnel-shaped cloud. It is usually very violent and destructive in a narrow path, often for many miles

Tort
A civil wrong, other than a breach of contract, for which a court of law will afford legal relied

Total Disability
An illness or injury which prevents an insured person from continuously performing every duty pertaining to his/her occupation or engaging in any other type of work

Total Loss
The complete loss or destruction of all the property insured under a particular policy

Treaty
A reinsurance contract under which the reinsured company agrees to cede and the reinsurer agrees to assume risks of a particular class or classes of business

Turnover
The money earned for goods supplied or services rendered in the course of the business at the premises specified in the policy.


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