The Insurance covers the total abandonment of Twenty-20 cricket match due to specified perils like Fire, lighting, explosion, earthquake, rain flood, storm, riot, strike, malicious damage and terrorist activities. The Policy covers the financial loss actually suffered by the insured i.e., the organizers. It is a condition under the Policy that no liability will attach even if a single ball is bowled. Change in venue or postponement of the match does not constitute a claim. It is prescribed that the tickets issued shall contain a stipulation that once a ticket is sold no refund will be allowed.
Insurance Encyclopedia
Twenty-four-hour coverage
1. Insurance coverage of medical and disability benefits for the insured regardless of employment or financial status. 2. Insurance coverage for an employee under the correct insurance policy (e.g., workers’ compensation, group health, disability).
Twenty-fourths method
A method of computing the unearned premium reserve. It is assumed that, on average, policies run from the middle of the month of inception. The appropriate number of twenty-fourths of premiums relating to the policies commencing in each month is then carried forward as unearned.
Twilight Zone
That section of an area in which a definite downward economic transition is in progress or has taken place. Such zone may involve moral hazard and adverse selection.
Twin Insurance
Insurance may be obtained for a natural event involving the possible birth of twins. It is possible, by early action in course of a pregnancy, to effect an Insurance payable on the occurrence of a multiple birth.
Twisting
Insurance agent or broker encourages a policyholder to cancel a policy and purchase another policy but neglects to state the differences between the two policies or the financial consequences of replacement. This practice is prohibited in the insurance industry.
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Practice of inducing any Policy holder to lapse or cancel a Policy for the purpose of replacing such Policy with another to the determinant of the Policy holder. The practice is considered to be unethical as well as illegal.
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Representing a policy as something that it is not or making comparisons that are not wholly truthful to get the policyholder to alter or switch a current policy.
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The practice of inducing by misrepresentation, or inaccurate or incomplete comparison, a policyholder in one company to lapse, forfeit, or surrender his insurance for the purpose of taking out a policy in another company.
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Two Conditions of Average
A provision found in Floating Fire Insurances on merchandise in warehouses and the like. The insurance is made subject to average and in addition it is provided that if the property insured is the subject of a more specific insurance that insurance shall be applied first, with the policy bearing the two conditions of average applying only to the uninsured balance.
Two Plane Warranty
A provision in an aviation excess of loss reinsurance which relieves the reinsurer of liability unless two or more aircrafts are involved in the same occurrence.
Two Rig Warranty
A provision in a marine excess of loss reinsurance which relieves the reinsurer of liability unless two or more rigs are involved in the same loss occurrence.
Two Risks Warranty
A provision in a property reinsurance catastrophe treaty that the reinsurer will be liable only in respect of claims where at least two risks are involved in one accident.