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.
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.
Thirdparty Bill
A third-party bill is similar to an agent bill, but instead of an individual agent, it’s sent to a third party, such as an employer, association, or other organization, that is responsible for collecting premiums from a group of individuals and remitting them to the insurer.
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.
Treaty
A reinsurance contract between an insurance company and a reinsurer.
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.
Underwriter
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
Underwriting is the process used by insurance companies to assess the risk of insuring a person, property, or business.
Underwriting Authority
The level of authority given to an underwriter to make decisions about accepting or declining insurance risks and setting premiums.
Underwriting Renewal
Underwriting renewal is the process an insurance company undertakes to re-evaluate the risk of renewing an existing insurance policy.