Term:

Period for which the policy runs. In life insurance, this is to the end of the term period for term insurance.

Term Life Insurance:

Protection during limited number of years; expiring without value if the insured survives the stated period, which may be one or more years but usually is five to twenty years, because such periods usually cover the needs for temporary protection.

Third-Party Owner:

A policy owner who is not the prospective insured. The policy owner and the insured may be, and often are the same person. If for example, you apply for and are issued an insurance policy on your life, then you are both the policy owner and the insured and may be known as the policy owner-insured. If, however, your mother applies for and is issued a policy on your life, then she is the policy owner and you are the insured.

Time Element Insurance:

A term referring to property coverage for loss of earnings or income resulting from the inability to put damaged property to its normal use.

Total Admitted Assets:

This item is the sum of all admitted assets, and are valued in accordance with state laws and regulations, as reported by the company in its financial statements filed with state insurance regulatory authorities. This item is reported net as to encumbrances on real estate (the amount of any encumbrances on real estate is deducted from the value of the real estate) and net as to amounts recoverable from reinsurers (which are deducted from the corresponding liabilities for unpaid losses and unearned premiums).

Total Annual Loan Cost:

The projected annual average cost of a reverse mortgage including all itemized costs.

Total Loss:

A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.

Transit Coverage:

Coverage on the insured's property while in transit from one location to another, over land.