1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
T. T1 T2 T3 T4 T5 T6 T7 T8 T9 Ta Tc Td Te Tf Tg Th Ti Tj Tk Tl Tm Tn To Tp Tq Tr Ts Tt Tu Tv Tw Ty

TRIP

The Terrorism Risk Insurance Program was established with the passage of the Terrorism Risk Insurance Act in 2002. The program provides shared public and private compensation for certain insured losses resulting from a certified act of terrorism. TRIP was reauthorized, with modifications, in 2005, 2007 and 2015. The current expiration date of TRIP is December 31, 2020.

Triple indemnity

In a life insurance policy, provision that pays an amount (three times the face value) in addition to the policy’s basic death benefit if death is due to an accident. There are exclusions for the type of accident and time and age limits (e.g., the insured must die within a specific number of days of the accident and be of a certain age or younger).

Triple trigger theory/continuous trigger theory

An occurrence trigger theory that charges the loss against any policy in force from the time of first exposure to a harmful situation to the time of manifestation of the injury or disease. Triple is derived from: (a) initial exposure; (b) continuing exposure (injury-in-residence); and (c) manifestation. The theory triggers any policy for its full limit not just a share. The insured can select which policies should respond with the possibility of stacking limits, aggregate limits of indemnity from different policy years. The theory has not been uniformly adopted across the US, its birthplace. Other theories, e.g exposure theory, injury-in-fact theory, and the manifestation theory, have also found favour. Insurers use a claims series clause in order to trigger continuing losses from one original cause into the policy year of first occurrence. See also BATCH CLAUSE; LIABILITY SEQUENCE.

Triple-option plan

Type of managed care plan that allows a member a choice of one of three service alternatives (health maintenance organization [HMO], preferred provider organization [PPO], or traditional indemnity plan) each time he or she requires medical care. Scope of covered services is the same for each option, but the level of cost shared by the enrollee is different among the options. Also called point-of-service (POS) program .