An occurrence trigger theory that charges the loss against any policy in force from the time of first exposure to a harmful situation to the time of manifestation of the injury or disease. Triple is derived from: (a) initial exposure; (b) continuing exposure (injury-in-residence); and (c) manifestation. The theory triggers any policy for its full limit not just a share. The insured can select which policies should respond with the possibility of stacking limits, aggregate limits of indemnity from different policy years. The theory has not been uniformly adopted across the US, its birthplace. Other theories, e.g exposure theory, injury-in-fact theory, and the manifestation theory, have also found favour. Insurers use a claims series clause in order to trigger continuing losses from one original cause into the policy year of first occurrence. See also BATCH CLAUSE; LIABILITY SEQUENCE.
Insurance Encyclopedia
Triple-option plan
Type of managed care plan that allows a member a choice of one of three service alternatives (health maintenance organization [HMO], preferred provider organization [PPO], or traditional indemnity plan) each time he or she requires medical care. Scope of covered services is the same for each option, but the level of cost shared by the enrollee is different among the options. Also called point-of-service (POS) program .
Trivial pension
Small pension that can be encashed without affecting IR approval.
Trucker’s coverage form (Vehicle Insurance)
A commercial form that provides coverage to truckers who transport goods on behalf of others.
Truckload
Truckload rates apply where the tariff shows a truckload minimum weight. Charges will be at the truckload minimum weight unless weight is higher.
True group insurance (Health Insurance/Life Insurance)
A group insurance policy that has been issued with a master contract and actual certificates of insurance, not policy contracts, for each person in the group.
True monthly premiums
Life insurance premium that is paid monthly and is not an instalment of an annual premium. Consequently when death occurs there is no deduction from the claim payment in respect of the premiums that would have been payable had the policy run its full year of death. term in the
True negatives
Eligible members or enrollees who have not received any medical services through a managed care plan as evidenced by the absence of a medical record and any encounter data. True negatives signify potential access problems and should be investigated by the managed care plan.
Truncated code
Invalid diagnostic code in which an extra digit has been added to a four-digit code to make it five digits. Medicare payers return such claims as unprocessable.
Trunkey Project
Capital construction projects in which the supplier (contractor) designs and builds the physical plant, trains the local personnel on how to manage and operate the facility and presents the buyer with a self-sustaining project (all the buyer has to do is “turn the key”).