period of time for which a policy is issued.
THIRD PARTY - This usually refers to claims made by someone for injury or property damage as the result of the insured's action.
THIRD PARTY INSURANCE - This is insurance that protects the insured for his legal responsibility which might arise out of injury to others or damage to other's property.
TIME LIMIT ON CERTAIN DEFENSES - A Uniform Provision stating that after a certain number of years no statements, except fraudulent misstatements, made in the application will be used to deny a claim or void the policy and that no claim will be denied or reduced on the ground that a disease or physical condition not excluded at the time of the issue existed before the effective date.
TIME LIMITS - The notice of claim and the proof of loss must be submitted within a certain amount of time.
TORT - A wrongful act committed on the person or property of another, independent of contract, which entitles the latter (the third party) to damages. (See Lesson 5.)
TRESPASSER - One who goes on another's premises without invitation, implied or expressed.
UNDERWRITER - Any individual officer or employee of an insurance company who has the responsibility of accepting an insured and determining in what amount this insurance should be written.
UNDERWRITERS SALVAGE CORPORATION - A company owned by insurance companies with the major purpose of processing and reselling merchandise damaged by fire or other insurance covered losses, thus reducing the loss to the insurance company.
UNDERWRITING - The process of evaluating a risk by an insurer for the purpose of issuing insurance coverage on it.
WARRANTY - A statement that is on an application that is warranted to be true in all respects. It anything is untrue, the contract may be voided whether or not the untruth is material to the risk. Statements on life and health insurance applications are called representations.