Federal legislation enacted in 2002 to guarantee the availability of insurance coverage against acts of international terrorism. Under the Act, commercial insurers are required to offer insurance coverage against such terrorist incidents and are reimbursed by the federal government for paid claims subject to deductible and retention amounts. This legislation was modified and extended by the Terrorism Risk Insurance Extension Act (TRIEA) in 2005.
Insurance Encyclopedia
Terrorism Risk Insurance Act 2002 (TRIA)
US statute to stimulate a competitively priced insurance market for terrorism insurance cover prompted by the events of 11 September 2001.
Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA 2015)
Passed in January 2015, after a delay when the outgoing Congress failed to reauthorize the Terrorism Risk Insurance Act (TRIA) in the last days of the 2014 legislative session, TRIPRA of 2015 extended TRIA through December 31, 2020. It also made several changes to the reinsurance program, including reducing the federal share of insured terrorism losses incrementally through 2020, increasing the trigger threshold for federal involvement in insured terrorism losses incrementally through 2020, and increasing the mandatory recoupment of federal losses incrementally through 2020.
Tertiary
Third in frequency, rank, order, formation, or stage.
Tertiary beneficiary
Individual entitled to the proceeds of a life insurance policy if no primary or secondary beneficiaries are living when the insured dies. Also called contingent beneficiary or alternate beneficiary .
Tertiary beneficiary (Life Insurance)
A person designated as the beneficiary who will receive the proceeds of a policy should both the primary and secondary beneficiaries be deceased at the time the policy pays out.
Tertiary care
Health care services requested by a specialist from another specialist (e.g., hand surgeon, neurosurgeon, pediatric endocrinologist, thoracic surgeon, intensive care unit). It usually requires sophisticated technologies located in a teaching hospital or university-affiliated facility that are not available elsewhere (e.g., complex cancer procedures, transplants, neonatal intensive care).
Tertiary care center
Medical facility that receives referred patients from primary and secondary care levels because of severe injury or illness. It provides tests, treatments, and procedures that are not available elsewhere. Also called tertiary care facility or tertiary care hospital .
Tertiary care hospital / Tertiary care facility
See: tertiary care center .
Tertiary payer
Third-party payer that is responsible for reimbursement of an insurance claim after the primary and secondary payers have paid their share.