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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 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 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.

Tier

In Medicare Part D plans, a drug formulary is divided into tiers, with each representing a different level of cost-sharing by the insured. Some plans may have more tiers and some may have less (e.g., tiers 1, 2, 3 and/or a specialty tier).

Tier, A

Under the Medicare Part D prescription drug plan, this is a specific list of drugs. A plan may have several tiers, and the patient’s copayment amount depends on which tier the drug is listed in. The plans are variable because patients can choose their own tiers. Each plan benefit booklet contains the list of drugs pertinent to a specific plan.