Call Us 970-243-6600 ☰ ˟
Logo
Call Us 970-243-6600
  • Home
  • Our Agency
    • About UsImage of right arrow
      • Employee Directory
      • Insurance Glossary
      • Our Process
      • Testimonials
      • HLICCoverageConvo
    • Client Portal Login
    • Our Providers
  • Our Products
    • Coverage For Your BusinessImage of right arrow
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Professional Liability Coverage
      • Crime Insurance
      • Cyber Liability Insurance
      • Workers Compensation
      • Inland Marine Insurance
      • Marine Insurance
      • Surety & Fidelity Bonds
    • Coverage For Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Surety Bonds
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Craft Brewery Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Homeowners Association Insurance
      • Landscapers Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Non-Profit Organization Insurance
      • Orthotics & Prosthetics Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Specialty Trade Contractors Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Water Well Drillers Insurance
      • Winery Insurance
    • Coverage For Your EmployeesImage of right arrow
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
      • Offer Identity Theft Protection Benefits Package
      • Health Insurance Compliance Assistance
    • Home & AutoImage of right arrow
      • Auto and Homeowners Insurance
    • LifeImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Mortgage Protection Insurance
      • Disability Income Insurance
      • Second-to-Die Policy
      • Key Person (Key Men) Insurance
    • HealthImage of right arrow
      • Individual & Family Health Insurance
      • Group Life Insurance
      • Dental Coverage
      • Vision Coverage
      • Long-Term Care Insurance
      • Temporary Health Insurance
      • Supplemental Insurance
      • Disability Income Insurance
      • Medical Expenses Protection
      • Child Health Insurance
      • Travel Health Insurance
      • Health Savings Accounts (HSAs)
    • Recreational VehicleImage of right arrow
      • Boat/Watercraft Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • FarmImage of right arrow
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft Insurance - Grand Junction CO & Montrose CO - Home Loan Insurance
      • Personal Umbrella Insurance - Grand Junction CO & Montrose CO - Home Loan Insurance
      • Data Backup Services - Grand Junction CO & Montrose CO - Home Loan Insurance
  • Contact Us
    • Contact Us
    • Our Location
  • Resources
    • Blog
    • Privacy Policy
    • Refer a Friend
  • Get A Quote
    • Life Insurance Quote FormsImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Auto Insurance Quote FormsImage of right arrow
      • Auto Insurance Quote
    • Business & Commercial Insurance Quote FormsImage of right arrow
      • Builders Risk
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
      • Bonds Quote Forms
    • Health Insurance Quote FormsImage of right arrow
      • Health Insurance Quote
    • Homeowners Insurance Quote FormsImage of right arrow
      • Homeowners Insurance Quote
Auto and Home Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Employee Benefits

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life and Health Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
RV and Boat Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Annuities Icon

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Glossary > T

Insurance Glossary

Insurance terms and definitions from Home Loan Insurance.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Home Loan Insurance today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
TERM CERTAIN ANNUITY
An form of annuity that pays out over a fixed period rather than when the annuitant dies.

TERM INSURANCE
A form of life insurance that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.

TERRITORIAL RATING
A method of classifying risks by geographic location to set a fair price for coverage. The location of the insured may have a considerable impact on the cost of losses. The chance of an accident or theft is much higher in an urban area than in a rural one, for example.

TERRORISM COVERAGE
Included as a part of the package in standard commercial insurance policies before September 11, 2001 virtually free of charge. Since September 11, terrorism coverage prices have increased substantially to reflect the current risk.

THIRD-PARTY ADMINISTRATOR
Outside group that performs clerical functions for an insurance company.

THIRD-PARTY COVERAGE
Liability coverage purchased by the policyholder as a protection against possible lawsuits filed by a third party. The insured and the insurer are the first and second parties to the insurance contract.

TIME DEPOSIT
Funds that are held in a savings account for a predetermined period of time at a set interest rate. Banks can refuse to allow withdrawals from these accounts until the period has expired or assess a penalty for early withdrawals.

TITLE INSURANCE
Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title.

TORT
A legal term denoting a wrongful act resulting in injury or damage on which a civil court action, or legal proceeding, may be based.

TORT LAW
The body of law governing negligence, intentional interference, and other wrongful acts for which civil action can be brought, except for breach of contract, which is covered by contract law.

TORT REFORM
Refers to legislation designed to reduce liability costs through limits on various kinds of damages and through modification of liability rules.

TOTAL LOSS
The condition of an automobile or other property when damage is so extensive that repair costs would exceed the value of the vehicle or property.

TRANSPARENCY
A term used to explain the way information on financial matters, such as financial reports and actions of companies or markets, are communicated so that they are easily understood and frank.

TRAVEL INSURANCE
Insurance to cover problems associated with traveling, generally including trip cancellation due to illness, lost luggage and other incidents.

TREASURY SECURITIES
Interest-bearing obligations of the U.S. government issued by the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. Marketable Treasury securities fall into three categories — bills, notes and bonds. Marketable Treasury obligations are currently issued in book entry form only; that is, the purchaser receives a statement, rather than an engraved certificate.

TREATY REINSURANCE
A standing agreement between insurers and reinsurers. Under a treaty each party automatically accepts specific percentages of the insurer’s business.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Contact Us Today!
970-243-6600

Social Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

205 N. 4th Street
Grand Junction, CO 81501

Phone: 970-243-6600 | Fax: 970-243-3914
© Copyright. All rights reserved. | Powered by Insurance Website Builder