Insurance Glossary | Insurance Terms beginning with 'T'

Protection during limited number of years; expiring without value if the
insured survives the stated period, which may be one or more years but usually is five to twenty years, because such periods usually cover the needs for temporary protection.

Period for which the policy runs. In life insurance, this is to the end of the term period for term insurance.

In life insurance, a beneficiary designated as third in line to receive the proceeds or benefits if the primary and secondary beneficiaries do not survive the insured.

A policy owner who is not the prospective insured. The policy owner and the insured may be, and often are the same person. If for example, you apply for and are issued an insurance policy on your life, then you are both the policy owner and the insured and may be
known as the policy owner-insured. If, however, your mother applies for and is issued a policy on
your life, then she is the policy owner and you are the insured.

This provides insurance for loss of money and securities resulting directly from the following:

Theft (any act of stealing)
Disappearance
Destruction
It applies while the money and securities are on the insured's premises, while in the custody of the insured or the insured's messenger while conducting business at the bank, and while off the insured's premises in the custody of the insured or the insured's messenger.

Time element insurance provides insurance for a covered incident resulting in loss of use of property for a period of time. The loss is consicered to be time lost, not actual property damage. Examples of time element coverage are Business Interruption, Extra Expense, Tuition Fees, Rents and Rental Value, Additional Living Expenses, and Leasehold Interest coverage.

A tort is an unintentional violation of another person's rights, usually due to negligence. It is different than a crime, which generally is an intentional violation of another's rights. A tort is subject to civil action and subsequent judgement for damages payable to the wronged party, whereas a crime is subject to criminal action and subsequent penalty.

Coverage of the insured's property while in transit over land from one location to another. Property insurance policies typically provide coverage only at locations identified in the policy.