GLOSSARY OF TERMS

T TERMS

Time Element Insurance: A term referring to property coverage for loss

of earnings or income resulting from the inability to put damaged

property to its normal use

Term Insurance: Protection during limited number of years; expiring

without value if the

insured survives the stated period, which may be one or more years but

usually is five to twenty years, because such periods usually cover the

needs for temporary protection.

Term: Period for which the policy runs. In life insurance, this is to the

end of the term period for term insurance.

Third-Party Owner: A policy owner who is not the prospective insured.

The policy owner and the insured may be, and often are the same

person. If for example, you apply for and are issued an insurance policy

on your life, then you are both the policy owner and the insured and may

be known as the policy owner-insured. If, however, your mother applies

for and is issued a policy on your life, then she is the policy owner and

you are the insured.

Transit Coverage: Coverage on the insured's property while in transit

from one location to another, over land