Tail Coverage :: An extended reporting period extension under claims-made liability policies that provides coverage for losses that are reported after termination of the policy.

 

Tariff :: In insurance, it is a collective agreement by members to calculate and charge the same premium for a given risk or type of insurance.

 

Theory of Probability :: This theory enables the insurance company to predict potential losses based on a study of the insured’s previous loss experiences.

 

Third-Party :: Person mentioned in a contract but not a party to the contract. Third-Party insurance, for example, gives the insured cover against claims made by a third party (who is not named in the policy and not a party to it).

 

Third-Party liability :: Liability arising to a party, who is not party to the contract i.e. other than the insured or the insurer. This party/person is called the third party and the liability to him/her arising under law or contract is called third party liability.

 

Through Bill of Lading :: A bill of lading providing for the carriage of goods by water, from their point of origin to their final destination, either by successive ocean carriers or by more than one mode of transportation.

 

Total-Loss :: In marine insurance, the loss of ship at sea or the total destruction of ship and/ or its cargo.