Insurance terms starting with T

8 terms

1. Term Insurance A plan of insurance that covers the insured for only a certain period of time (the term), not for his or her entire life.
2. Term Rider Term insurance that is added to a whole life policy at the time of purchase or that may be added in the future.
3. Third Party An individual other than the policyholder or the insurance company who has suffered a loss and may be able to collect compensation under the policy, due…
4. Third Party Administrator (TPA) An organization that performs managerial and clerical functions related to an employee benefit insurance plan by an individual or committee that is not an…
5. Third-party claim A claim filed against another person’s insurance policy.
6. Total Loss When the cost to repair a vehicle approaches or exceeds the vehicle’s actual cash value.
7. Towing and Labor Coverage Reimburses you when your vehicle breaks down or is damaged and must be towed to a repair shop or to another location.
8. Towing Coverage An optional coverage of an automobile policy that pays a specified amount for towing and related labor costs.