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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

T

TAX DEFERRAL

The postponing of taxes until a later date through various legal methods.

TENANT, LESSEE

Individual or corporation who leases property from a lessor.

TENANTS POLICY

A Homeowners form, which is specifically designed for people who rent.

TERM DEPOSIT

A cash deposit for a specified period of time at a guaranteed interest rate.

TERM LIFE INSURANCE

A form of life insurance providing coverage for a defined period of years. It pays out a death benefit only (money received upon the death of the insured if within the term of the policy). It does not have a cash or surrender value.

TERRITORY

Underwriting element of an insurance premium relative to a specific geographical area.

THEFT

Wrongful taking of property without the consent of its owner.

THIRD PARTY

Person other than the insurer and the insured who is involved in a loss.

THIRD-PARTY LIABILITY AUTOMOBILE INSURANCE

Third-party liability automobile insurance is designed to indemnify the insured for financial loss incurred through legal liability for bodily injury and damage to property of others caused by an accident arising out of ownership or operation of an automobile.

TOP-DOWN MANAGEMENT STRATEGY

Stock selection is based on forecasts about the economy and sectors within it. Equities that are expected to benefit from the anticipated events in the economy are chosen.

TOTAL DISABILITY

Complete loss of physical capacities.

TOTAL LOSS

Loss value greater than replacement value of the property.

TRAILER

Motorless vehicle designed to be pulled.

TRAILER FEE

A percentage fee, based on the value of a client's portfolio, that investment fund companies may pay to the advisor that sold the funds.

TRANSFER OF RISK

Shifting all or part of a risk to another party. Insurance is the most common method of risk transfer, but other devices, such as hold harmless agreements, also transfer risk. One of the four major risk management techniques. See Risk Management.

TRANSPORTED GOODS

Goods transported in any type of vehicle.

TREASURY BILL (T-Bill)

A short-term debt instrument issued by governments with a maturity of less than one year.

TRUST

An asset established by one party for the benefit of another.

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