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TriTech Services Insurance Tax

  • Tax Glossary



    TriTech Services, Inc. - Tax Glossary
     
           

     

    Term Life Insurance:

    Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years, even twenty years, or until the insured reaches age 65 or 70. The policy doesn't build up any of the non-forfeiture values associated with whole life policies. The policy pays death benefits only if the insured dies during the term.

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    Term-certain annuity:

    An annuity which makes periodic payments over a fixed number of years. See annuity certain.

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    Terminal funded group plans:

    The reserves under an annuity contract for benefits accumulated outside of the contract, such as under a defined benefit retirement plan that has been terminated.

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    Third-party administrator:

    Outside group that performs administrative functions for an insurance company.

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    Title insurance:

    Insurance that indemnifies real estate owners in case clear ownership of the property is challenged by the discovery of faults in the title.

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    Tort:

    A private wrong resulting in injury or damage on which a civil court action or legal proceeding may be based independent of contract and committed against an individual, which gives rise to a legal liability and is adjudicated in a civil court. A tort can be either intentional or unintentional, and liability insurance is mainly purchased to cover unintentional torts.

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    Total Admitted Assets:

    This item is the sum of all admitted assets, and is valued in accordance with state laws and regulations, as reported by the company in its financial statements filed with state insurance regulatory authorities. 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 amounts recoverable from reinsurers (which are deducted from the corresponding liabilities for unpaid losses and unearned premiums).

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    Total Annual Loan Cost:

    The projected annual average cost of a reverse mortgage including all itemized costs.

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    Total disability:

    The inability of a person to perform all essential functions of his or her occupation, or in some cases any occupation, due to a physical or mental impairment.

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    Total Loss:

    A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.

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