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) .
Insurance Encyclopedia
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.
Tourist Floater
A policy covering the baggage and personal effects of travellers.
TOVALOP
Means ‘Tanker Owners’ Voluntary Agreement Concerning Liability for Oil Pollution. An agreement, supported by most tanker owners worldwide, whereby owners agree to pay for cleanup costs incurred by governments in respect of oil discharged from tankers belonging to the owners. Each member insures his liability under the Agreement.
***
Tankers Owners’ Voluntary Agreement Concerning Liability for Oil Pollution: An agreement by most tanker owners that subject to a limit of liability, they will remove persistent oil discharge by their tanker and will reimburse any government for expense in cleaning up oil pollution resulting from the tanker owner’s negligence.
Tow and assist clause
International Hull Clause (10.2) stating that the vessel will not be towed except where towing is customary or the ship is in need of assistance to the first place of safety. It is also provided that the ship shall not undertake towage or salvage services under a previously arranged contract.
***
A clause in a Marine Insurance Hull policy under which the insured warrants that the ship shall not be towed except where towing is customary or the ship is in need of assistance and that the ship shall not undertake towage or salvage services under a previously arranged contract.