Surety Bond
A surety bond is a three-party agreement that provides a financial guarantee that a specific obligation will be fulfilled.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Tabarru in Insurance
“Tabarru” is a core principle in Takaful insurance, where participants agree to donate a portion of their contributions to a common pool to help anyone in the group who suffers a covered loss.
Tenant Insurance (Renter’s Insurance)
Tenant insurance, also known as renter’s insurance, is a type of insurance policy that protects renters’ personal belongings and provides liability coverage within a rented property.
Territory Factor
A territory factor, also known as a location factor or territorial rating, is a component of insurance pricing that adjusts premiums based on the geographic location of the insured risk.
Third-Party
In insurance, a third party refers to any person or entity that is not the insured (the policyholder) or the insurer (the insurance company) but is involved in an insurance claim.
Third-Party Liability
Third-party liability is a type of insurance coverage that protects the insured against financial responsibility for injuries or damages caused to another person or their property.
Total Loss
In insurance, a total loss happens when the cost to repair or replace damaged property is more than its worth.
Transportation Insurance
Transportation insurance provides protection to businesses engaged in moving goods, equipment, or passengers from one place to another.
Truckers Coverage Form (USA)
The Truckers Coverage Form is a specialized insurance form used in the United States to provide commercial auto insurance coverage for businesses that use trucks to transport goods.
Umbrella Insurance
An umbrella insurance policy, also known as excess liability insurance, is a type of policy that provides additional liability coverage beyond the limits of your existing insurance policies, such as your homeowner’s, auto, or boat insurance.
Underinsurance
Underinsurance occurs when the insured person or business has insufficient insurance coverage to fully replace or repair damaged or destroyed property in the event of a loss.
Underwriting Renewal
Underwriting renewal is the process an insurance company undertakes to re-evaluate the risk of renewing an existing insurance policy.