Insurance Terms - T
tail conditional expectation (TCE) - (economic calculation which takes both the probability and the cost of tail events into account)
Tail Value at Risk (Tail VaR) - (An economic cost of ruin (ECOR)-like measure, which considers both the probability and the cost of "tail events" in calculating losses.)
targeted enterprise risk insurance (TERI) - (a class of insurance products used to cover specific financial, operational, or hazard risks of an enterprise)
Tax Deferred Annuity (TDA) - (retirement investment plan/vehicle permitted under the U.S. Internal Revenue Code for employees of a public school system or a qualified charitable organization)
Tax Equity and Fiscal Responsibility Acts of 1982 (TEFRA) - (federal law which, in the insurance area, was intended to prevent group term life insurance plans from discriminating in favor of key employees)
tax incremental financing (TIF) -
tax multiplier (TM) - (a component of a retrospective rating plan (plan which adjusts premiums based on actual loss experience) that represents the costs associated with taxes, assessments, and other fees that the insurer must pay to the states on premiums written and collected)
Tax Reform Act of 1984 (TRA) - (federal legislation that contained anti-group captive provisions and required all insurers, captives included, to change the way their taxable income was computed, such as computing reserves on a discounted basis)
tax-sheltered annuity (TSA) - (an annuity program under which contributions reduce the taxable income of participating employees, and the benefits are not taxable until distributed)
Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) - (organization selling life and health insurance and annuities to college and university staff members)
Technical Advice Memorandum (TAM) -
Technical and Miscellaneous Revenue Act of 1988 (TAMRA) - (a U.S. tax act that contains sections on tax treaties with Barbados and Bermuda and the elections for offshore captives to be taxed as U.S. domestic corporations)
technique of operations review system (TOR) - (a system of accident reduction involving the creation of control methods to eliminate management shortcomings, based on a theory of accident causation and control that states that management and supervision weaknesses are the the root cause of workplace injuries and illnesses)
technology errors and omissions insurance (tech E&O) - (insurance coverage intended to cover two basic risks: 1) financial loss of a third party arising from failure of the insured's product to perform as intended or expected, and 2) financial loss of a third party arising from an act, error, or omission committed in the course of the insured's performance of services for another
Telephone Consumer Protection Act of 1991 (TCPA) - (a federal law prohibiting the sending of unsolicited advertisements to a fax machine)
temporary disability benefits (TDB) - (income paid to a worker who is temporarily disabled by an injury or sickness that is not work related)
temporary total disability (TTD) - (level of disability which reflects an injury that has rendered the employee completely unable to perform any job functions on a temporary basis - the employee is expected to make a full recovery and return to work)
Tennessee Public Risk Management Association (TPRMA) -
Terrorism Risk Insurance Act of 2002 (TRIA) - (federal legislation, enacted in 2002, creating a federal government reinsurance program - the Act required commercial insurers to offer insurance coverage against acts of international terrorism, but provided for reimbursement by the federal government for paid claims)
Terrorism Risk Insurance Extension Act of 2005 (TRIEA) - (federal legislation extending the Terrorism Risk Insurance Act (TRIA) through December 31, 2007, but also exempting certain coverages, such as commercial auto, burglary, and theft, from coverage)
Terrorism Risk Insurance Program (TRIP) - (program of insurance coverage for acts of international terrorism established under the Terrorism Risk Insurance Act (TRIA) of 2002, which required commercial insurers to offer insurance coverage for acts of terrorism)
Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA) - (federal legislation passed in 2007 reauthorizing through 2014 the Terrorism Risk Insurance Program originally established by the Terrorism Risk Insurance Act (TRIA) of 2002, which required commercial insurers to offer insurance coverage for acts of terrorism - the 2007 act added a coverage requirement for domestic forms of terrorism)
Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA) -
Texas Multi-Peril package insurance policy (TMP) - (package insurance policy offering protection for several hazards)
Texas Public Risk Management Association (Texas PRIMA) -
Texas Surplus Lines Association, Inc. (TSLA) -
The Onion Router (Tor) - (Internet network of onion routers - multiple routers providing multiple layers of encryption - allowing users to communicate anonymously)
third country national (TCN) -
Third-Party Administration (TPA) - (organizations that administer qualified plans by providing accounting annd actuarial services as well as filing of various reports required by the IRS and the Department of Labor)
Third-Party Administrator (TPA) - (a firm that handles various types of administrative responsibilities, on a fee-for-services basis, for organizations involved in cash flow programs; a firm that provides administrative services for employers and other associations with group insurance policies)
threshold limit value (TLV) - (the concentration of an airborne substance to which an average person can be repeatedly exposed without adverse effects)
total insurable value (TIV) - (property insurance term referring to the sum of the full value of the insured's covered property, business income values, and any other covered property interests)
Total Loss Only insurance (TLO) - (ocean marine policy that pays an insured only if a ship or cargo is a total loss)
Total Quality Management (TQM) - (management philosophy which focuses on continuous improvement in quality by emphasizing research in customer satisfaction, the empowerment of employees, and team building)
total reduced sulfer (TRS) -
Total Return Unitrust (TRU) - (modification of the charitable remainder Unitrust through which the beneficiaries receive a specified percentage of the assets' value in the Trust usually paid out on a quarterly basis)
Toxic Substances Control Act of 1976 (TSCA) -
trade disruption insurance (TDI) - (political risk insurance that covers loss of gross earnings and extra expenses caused by a delay or non-arrival of supplies or stocks arising from foreign government actions or inaction)
Transfer on Death (TOD) - (form of stock ownership that permits the stockholder to select a beneficiary to receive the stock upon the death of the stockholder)
Transportation Insurance Rating Bureau (TIRB) - (bureau that writes forms and files standard rates for inland marine insurance)
Treasury Certificate of Deposit (TCD) - (debt instrument issued by the U.S. Treasury that usually pays interest)
Treasury Inflation Protection Bonds (TIPs) - (bonds issued by the U.S. Treasury that pay a semiannual interest rate tied to the Treasury auction plus an additional interest rate tied to the rate of inflation during this semiannual period)
treatment, storage, and disposal facility (TSDF) -
TRICARE - Department of Defense's managed health care program for active duty service families, retirees and their families, and other beneficiaries
truckload (TL) - (term used for a motor carrier for hire transporting a truckload of cargo from one shipper at a time, as opposed to a less-than-truckload motor carrier that typically consolidates loads from multiple shippers)
trust-owned life insurance (TOLI) -
Truth in Lending Act of 1968 (TIL) - (alternative name for the Consumer Credit Protection Act of 1968 - landmark federal legislation establishing rules of disclosure that lenders must observe in dealings with borrowers - the act requires that consumers be told annual percentage rates, potential total cost, and any special loan terms)