Tanks to transport gases and are governed by various Statutes. The products are LPG, Oxygen, Ammonia, Nitrogen etc and one such type of tank to carry is LPG tank. The product such as HSD, Petrol and kerosene are loaded at atmospheric pressure while LPG is loaded at certain higher pressure. All pressurized tanks will have safety valves. Temperature and pressure gauges are fitted in the tanks along with rotor gauge to find the level of the liquid. Maximum 85% capacity is loaded. The loading pressure of LPG is 10 KSCM, while filling pressure is 14.4 KSCM. Therefore, manufacturer of LPG Tank is required to involving testing authorities from day one i.e., selection of raw materials while manufacturing LPG Tanks. The drawing and valves details of the Tank are furnished to Explosive department for issuance of Certificate. As LPG is highly explosive in its nature, the Government through the Controller of Explosives stress the safety of the tank by involving third party agencies like M/s IES, Bureau of VERITAS for inspection, from selection of sheets, up to the end of manufacture of tank. Tests carried out during the manufacture of tank.
Insurance Encyclopedia
Tare Weight
The weight of the container and/or packing materials only 0 excluding the weight of the goods inside the container.
Target benefit plan
Type of retirement plan for an individual in which contributions are put into variable annuities or mutual funds to reach a specific level. Performance of investments may exceed or fall below the goals of the plan. Annual contributions are subject to the same rules as those for money purchase plans. When the employee retires, the funds may be paid in a lump sum or used to purchase an annuity.
Target benefit plan (Pensions)
A plan that combines a defined benefit plan and a defined contribution plan. Under this plan, the employer must fund a target benefit for the participants.
Target risk
UK: A very large risk that attracts the attention of brokers and insurers because of its size. It becomes widely offered in the market place. The term also describes a risk that is offered to many insurer because of its undesirable, hazardous features.
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In personal lines casualty insurance, a phrase that refers to celebrities and wealthy individuals. At one time, the Target Risk Exclusion Clause in reinsurance listed major bridges, tunnels, and art collections, but that clause has been replaced by the total insured value (TIV) exclusion clause.
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REINSURANCE: In property reinsurance, certain risks (for example, particular bridges, tunnels, fine arts collections, and property of similarly high value and exposure) that are expressly excluded from coverage under reinsurance treaties. Such risks may require individual acceptance under facultative contracts.
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The prospective policyholders, divided by race, age, sex, and other demographics.
Target Risks
(i) Policy-holders or prospects for Insurance, whose business developers large premiums are considered targets for competing Insurance Agents and brokers. (ii) Large, hazardous exposure on which Insurance is difficult to place. (iii) Large exposure that is considered desirable from an Underwriting stand point by competing insured. (iv) Certain high value bridges, tunnels and fine art collections that are excluded from automatic Reinsurance to release the Reinsurer from potentially heavy accumulations of liability on any one exposure.
Targeted money purchase scheme
Defined contribution scheme indicating the amount of benefit it proposes to pay. There is no obligation to pay this amount but the intention influences the level of contributions.
Tariff
Minimum premium rates drawn up by a trade association for a particular class of business.
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A general term for any obligatory listing of rates, terms conditions and exclusions etc for any particular or all classes of insurance business. An obligatory and binding schedule of premium rates, terms and conditions created and published by the Tariff Advisory Committee or Regulator.
Tariff Advisory Committee
Tariff Advisory Committee is now designated by IRDA as the data repository for the non-life insurance industry. The transaction level data on Motor, Health and other lines are being collected for the Repository presently. Since de-tariffing has come into force, Tariff Advisory Committee (TAC) will also keep a track of any deviation or disparity in the market behaviour and inform IRDA about it. TAC was brought into existence so as to calculate premiums for general insurance companies. With the recent change, the scope of TAC will also transform. It will now pay heed to the public grievances on non-availability of insurance and will get these problems solved through the insurers. Considering the years of experience it has, TAC is best suited and recommended for this new task. Besides, IRDA wants TAC to handle training programmes for underwriters at the market level. Collecting data on premiums, analysing them and distributing results to all insurers will be added work for TAC. Considering the new work allotted, it is likely to be called as Technical Advisory Committee.
Tariff rate
A premium rate established and published by Tariff Advisory Committee or Regulator. In India the rates and conditions imposed by the IRDAI are obligatory. Where an Insurer is guilty of breach of any rate, term or condition fixed by the Regulator he will be deemed to have contravened the provisions of the Insurance Act.
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A rate derived from the data in the tariff of rates; for example, schedules and rating tables. This rate is set forth by a rating organization.