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  • Table of multiples: The life expectancy figures provided by the Internal Revenue Service to be used in calculating the exclusion ratio for life contingent annuities after June 30, 1986. Separate tables provide the figures for joint and last survivor annuities, annuities that contain a refund or minimum payment guarantee, and for annuities that pay quarterly, semiannually, or annually.

  • Tax Basis: The cost from which your profits or losses are calculated for income tax purposes.

  • Taxable estate: The value upon which estate taxes are calculated by the federal government.

  • Temporary Life Annuity: An annuity payable while the annuitant lives but not beyond a specified period, such as five years. No payments are to be made after the end of the stipulated temporary period or the death of the annuitant.

  • Tenants in common: A form of joint property ownership in which the owners may have unequal shares and which does not involve a right of survivorship.

  • Ten Day Free Look: A notice on the first page of health insurance policies that the insured has ten days in which to examine the policy and return it for a refund of premium if he is not satisfied with the policy.

  • Term Insurance: Life insurance payable to a beneficiary only when an insured dies within a specified period.

  • Term Insurance: Life or health insurance protection during a limited number of years but expiring without value if the insured survives the stated period.

  • Testamentary trust: A trust created through the will of its creator.

  • Third Party: The claimant under a liability policy. So called because the person making the claim is not one of the two parties, insured and insurer, to the insurance contract. Third party claim: a demand made by a person against a policyholder of another company and any payment that will be made by that company.

  • Third-party over suit: a lawsuit where a third party tries to recover damages assessed against that party by bringing suit against the employer.

  • Threshold (No-Fault): The point, measured in money, time or other ways, beyond which tort liability can be established. Until that point is reached, reparations must be paid within the provisions of the no-fault plan, with no recourse to the courts.

  • Time Limit: The period of time during which a notice of claim or proof of loss must be filed.

  • Time Limit on Certain Defenses: The 2-year or 3-year 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.

  • 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 relief, i.e. harming another by an act of negligence in driving an auto.Tort Law

  • 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. (This wording varies among insurance companies.)
  • Transferability: Any arrangement under which the accumulated benefit credits of a terminating participant, or their actuarial value, are transmitted from one plan to another, or to a central agency.

  • Travel Accident Policy: A limited contract covering only accidents while an insured person is traveling, usually on a commercial carrier.

  • Treaty: An agreement between a reinsurer and a ceding insurer setting forth details of the reinsurance arrangement.

  • Trust: A legal instrument allowing one party to control property for the benefit of another.

  • Turnover Rate: The rate at which employees terminate covered service other than by death or retirement. Expected future turnover can be taken into account in translating contributions into benefits.

  • Twisting: The practice 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 in another company.

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