Health insurance that generally pays what is left over after TRICARE Standard pays a beneficiary’s covered benefits. Such a policy may cover certain cost-share amounts.
Insurance Encyclopedia
Trigger
The event or circumstances that activates the insurer’s liability to the insured under the policy. Contrast lossesoccurring liability policies with claims-made policies. See LIABILITY SEQUENCE; TRIPLE TRIGGER THEORY; GROSS DOMESTIC PRODUCT TRIGGER; MULTI-OVAL TRIGGER.
Trigger point
Particular level when an insurance company is responsible for payment of benefits with a stated minimum premium.
TRIP
The Terrorism Risk Insurance Program was established with the passage of the Terrorism Risk Insurance Act in 2002. The program provides shared public and private compensation for certain insured losses resulting from a certified act of terrorism. TRIP was reauthorized, with modifications, in 2005, 2007 and 2015. The current expiration date of TRIP is December 31, 2020.
Trip transit
Covers goods in transit in a specified way, such as rail or truck.
Trip transit insurance (Property Insurance)
An insurance policy that covers property in transit during a specific trip, being transported by a certain mode of transport.
Trip Transit Policy
A policy covering a single defined transit from one location to another is called a specific policy or a trip policy.
Triple indemnity
In a life insurance policy, provision that pays an amount (three times the face value) in addition to the policy’s basic death benefit if death is due to an accident. There are exclusions for the type of accident and time and age limits (e.g., the insured must die within a specific number of days of the accident and be of a certain age or younger).
Triple option (Health Insurance)
An employer plan that offers the employees a choice of different provider types, varying in costs and coverage.
Triple protection (Life Insurance)
A kind of policy that comprises whole life and term insurance. Usually, the amount of term insurance is double the amount of whole life coverage.