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Term Insurance:
A plan of insurance that covers the insured for only a certain period of time (term), not for his or her entire life. The policy pays death benefits only if the insured dies during the term.

Term Rider:
Term insurance that is added to a whole life policy at the time of purchase or that may be added in the future.

Third-Party Administration (TPA):
An outside person or firm (not a party to a contract) that maintains all records of persons covered under an insurance plan. The TPA also may pay claims using a draft book system.

Time Limit:
A specified number of days in which a notice of claim or proof of a loss must be filed.

Title Insurance:
Title insurance protects against the various financial losses associated with having the title on your home challenged, including court costs and loss of the property. For a one-time fee, most title insurers will investigate public records to make sure that your property is free of title defects. This coverage can benefit either the homeowner or the mortgage company, so you should know which kind you’re paying for.

Travel Accident Policies:
Limited contracts covering accidents that occur only while an insured person is traveling on business for an employer, away from the usual place of business, and on named conveyances.

Treaty Reinsurance:
Reinsurance covering broad groups of policies. All policies written by the primary insurer within the defined groups will be covered and ceded to the reinsurer until the policies' expiration. This occurs on an ongoing basis until the agreement is canceled.