A tort is a civil wrong other than breach of a contract for which the court will provide a remedy in the form of an action for money damages: (i) Intentional torts: involving conduct that may be intentional or by design (but not necessarily with the intention that the resulting consequences should occur): (ii) Unintentional torts: involving the failure to act or acting not as a reasonable prudent person would have acted under the similar circumstances, and (iii) Wrongs: for which is business may be held absolutely or strictly responsible, intent or fault is not an issue under absolute or strict liability.
Insurance Encyclopedia
Tort reform
Changes in the law pertaining to medical professional liability (malpractice).
Tortfeasor
The party who commits a tort.
Tortfeasor (Legal Terminology)
The individual who has perpetrated a tort.
Total Admitted Assets
The item is the sum of all admitted assets, and are valued in accordance with IRDA laws and regulations, as reported by the company in its financial statement filed with IRDA. This item is reported net as to encumbrances on real estate (the amount of any encumbrances on real estate is deducted from the value of the real estate) and net as to amount recoverable from reinsurers (which are deducted from the corresponding liabilities for unpaid losses and unearned premiums.
Total budget
See: global budget .
Total certificate membership benefit maximum
See: lifetime maximum benefit .
Total cost of drugs
Under a Medicare Part D plan, this phrase means the sum total the insured pays plus the dollar amount that the insurance plan pays for the drugs.
Total cost of risk
Insurance premiums paid for the benefit of risk transfer, costs of resources engaged in the risk management process, i.e. risk evaluation, risk control, etc., including public sector fire and police authorities, uninsured losses and self-insured losses make up the total cost of risk.
Total disability
1. Phrase that varies in meaning from one disability insurance policy to another. An example of a liberal definition might read, “The insured must be unable to perform the major duties of his or her specific occupation.” Also called full disability . 2. In nonoccupational injury or illness, unable to perform ordinary activities like someone of the same age. 3. In a workers’ compensation case, unable to perform substantial duties of his or her occupation. Also see permanent disability (PD) .
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US: An illness or injury which prevents an insured person from continuously performing every duty pertaining to his/her occupation or engaging in any other type of work. (This wording varies among insurance companies.)
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An illness or injury which prevents an insured person from performing any duty of his occupation or any other profitable work.
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Disability which prevents the insured from performing any duty of his usual occupation or from performing any occupation for remuneration. The actual precise definition depends on the wording of the Policy.