The point at which an injured person may bring tort action under a modified no-fault auto plan. Many no-fault plans allow only tort action for pain and suffering after medical bills exceed some figure, like $1,000, or if disfigurement or death occurs.
Insurance Encyclopedia
Threshold level (Vehicle Insurance)
Under a no-fault auto insurance policy, the amount at which the insured may bring legal action due to a tort. Often, a no-fault auto insurance policy states that this type of action may only be taken after medical bills exceed a certain amount, or in the case of death or dismemberment.
Thrift plan
See: savings plan .
Thrift plan (Pensions)
A retirement plan with an added employee savings feature.
Tick
A payment per unit of deviation recorded in a weather index. For example, £2,500 per Heating Degree Day is the tick, meaning a payout based on £2,500 times the number of HDDs in excess of the strike. See WEATHER DERIVATIVES.
Ticket Policy
An accidental Death and Dismemberment and Disability Benefit policy issued with a common carrier ticket and limit to the risks or travel and the duration of the trip for which the ticket has been purchased. The name is derived from the fact that it was originally issued in the form of an extra stub on a travel ticket. It is of very old standing. It goes back to the beginning of personal accident Insurance. The insurance can be built in as a part of the ticket issued by transporter. Or a ticket giving cover for railway accident could be bought at a railway station booking office with one’s railway ticket. Similarly, there are airport slot machines from which Insurance coupons could be bought before one takes off on a flight.
Tickler
A reminder system used to call an individual’s attention to actions that must be taken at a future point in time.
Tickler file
Manual reminder method used to track pending or resubmitted insurance claims and to telephone or send inquiries about nonpayment. Also called a suspense, follow-up file , or tracing file . Also see tracing file .
Tied annuity option
Option to use the proceeds of a pension plan to buy an annuity from the insurer concerned at its current market rate as an alternative to taking the guaranteed annuity option. See also OPEN MARKET OPTION.
Tied Representative / Tied Channel of Distribution of Insurance
Comprises of individuals who in addition to representing one life insurer and one non-life insurer can also represent one standalone health insurer. In addition, the same individual agent can also be associated with two specialized insurers viz., Agriculture Insurance Company of India (for selling crop insurance) and Export Credit Guarantee Corporation of India.