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.
Insurance Encyclopedia
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.
Total disability (Health Insurance)
A type of disability that can be defined differently from policy to policy. Generally, this term refers to a disability, caused either by an injury or a medical condition, which stops the insured from working in any capacity.
Total earnings scheme
Career average scheme meaning that a member’s pension is worked out as a fraction of their total earnings while being a member of the scheme.
Total Insurable Value (TIV)
The total values for insured perils and coverages for a particular risk, whether or not insurance limits have been purchased to that amount.
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US: A property insurance term referring to the sum of the full value of the insured’s covered property, business income values, and any other covered property interests.
Total insured value (TIV)
A provision in reinsurance agreements that excludes coverage of individual properties in cases where total insured values across all property lines equal or exceed a certain level, e.g., $200 million. This clause is used to prevent multiple exposures to reinsurers on large single risks.