A Marine insurance policy on disbursements and the like may provide that the insurers shall pay only if the vessel is a total loss.
Insurance Encyclopedia
Total Loss Only
A term used in Marine Hull Insurance and reinsurance limiting cover to payment for a total loss. A clause is likely to define whether the cover is to include arranged or compromised total losses and whether sue and labour charges and salvage charges are recoverable.
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UK: Marine insurances, particularly hull facultative reinsurances, are sometimes arranged on the basis that the (re)insurer is liable only in the event of a total loss. Cover may or may not include arranged or compromised total losses, sue and labour charges, and salvage charges.
total net cost (TNC) method
Insurance policy cost comparison system that adds a policy’s premiums and subtracts dividends and cash value. TNC is not allowed by the National Association of Insurance Commissioners (NAIC) Model Life Insurance Solicitation Regulation because it does not consider the time value of money.
total quality management (TQM)
Operations management philosophy to continually improve performance, quality, and cost effectiveness by putting into operation employee involvement programs, self-directed work teams, flexible service delivery processes, quick changeover and adaptability, customer focus, supplier integration, and production cycle time reduction. Some health care organizations adopt TQM programs to meet competition. Also called continuous quality improvement (CQI) .
Total return swap
Term from the equity derivative markets to describe a swap under which one party pays all dividends received from, and the periodic appreciation in, a specified share and the other pays interest plus periodic depreciation in that share. The technique is now applied to credit derivatives as a means of selling the credit risk.
Total value
Sum of the three components (physician work, physician expense, malpractice costs), used in the formula to develop relative value units under the resource-based relative value scale for each medical service performed. These three relative value units (RVUs) are then adjusted according to geographical area and used in a formula to determine the resource-based relative value scale (RBRVS) for the Medicare fees published annually in the Federal Register .
Total-loss Only Insurance (TLO)
Property Insurance, most often used for ocean marine exposures, under which the Insurer pays only if a total loss occurs, and then for the full amount of the applicable Insurance. Thus, under a total-loss only Policy, the insured retains, or otherwise finances all partial losses.
Total-needs programming
See: financial planning .
Total, permanent service-connected disability
Total permanent disability incurred by a service member while on active duty.
Touch and stay at any port or place whatsoever
A marine clause which only permits the vessel to call at the customary ports on the voyage and at ports for purposes connected with the voyage. Such calls do not amount to deviation.