See: term insurance .
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A life insurance policy that pays the sum insured only if the life assured dies within the period of the policy which is for a fixed period.
Tag: USA
Term rider
Additional insurance coverage that may be purchased when a permanent life insurance policy is bought. Both types of insurance are included in one contract.
Terminal dividend
Extra dividend paid to a life insurance policyholder between the last policy anniversary date and the termination date of the policy. Also called terminal policy dividend .
Terminal policy dividend
See: terminal dividend .
Termination
Cancellation of an insurance policy by an insurance company when premium is not paid, if insured dies, or a dependent is no longer eligible for coverage. Health insurance benefits are not paid for medical services received after the date of termination.
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The formal ending of a reinsurance agreement by its natural expiry, cancellation, or commutation by the parties. Terminations can be either on a cutoff or runoff basis. Under cutoff provisions, the parties’ obligations are fixed as of the agreed cutoff date. Otherwise, obligations incurred while the agreement was in force are run-off to their natural extinction.
Termination date
Month, day, and year a health insurance policy’s coverage ends.
Termination expenses
Dollar amount costs of processing death benefit claims and cash surrenders of a life insurance policy.
Termination reason
Cause for cancellation of an insurance policy.
Territory
Geographical region in which an insurance agent has exclusive sales.
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Location where the policy coverage applies. May be restricted to the United States, its territories and possessions or could be worldwide. It depends on what exactly is being insured.
Tertiary
Third in frequency, rank, order, formation, or stage.