Tax Basis:

Money which has yet to be taxed.

 

Tenants Improvements and Betterment's:

The property affixed to an owner's building by the lessee or tenant which may not be legally removed when the tenant leaves.

 

Term:

A period of time a policy or bond is issued.

 

Term Insurance:

Life insurance payable to a beneficiary only when an insured dies within a specified period. Generally 5,10,15 or 20 years. Some plans are annually renewable after that initial term.

 

Testamentary Trust:

A trust created after the grantor's death, according to the provisions of the the will of its creator.

 

Third Party Insurance:

The claimant under a liability policy. This person making the claim is not one of the other two parties, the insured and insurer.

 

Threshold Level:

The point, measured in money, time, or other ways, which tort liability can be established. .

 

Time Limit on Certain Defenses:

The 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.

 

Tort:

A private wrong, other than a breach of contract, for which a court of law will afford legal relief.

 

Travel Accident Insurance:

A limited insurance contract covering only accidents while an insured person is traveling.

 

Trust:

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

 

Turnover Rate:

Rate at which employees terminate covered service other than by death or retirement.

 

Twisting:

The act 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 from another company.