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Life Settlement Glossary

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

T

temporary life insurance agreements
A legal agreement that grants conditional temporary coverage between a life insurance company and a policyowner while a policy is being underwritten.
term life insurance
A temporary form of life insurance designed to cover a time horizon that is statistically shorter than the insured's underwritten life expectancy.
terminally ill
For life and viatical life settlements, an insured whose life expectancy is under two years.
tertiary market
The sale of a life settlement policy from one investor to another.
transparency
Within the life settlement industry, the full disclosure of all aspects of a life settlement including all offers received and anticipated or actual commissions paid.
treaty reinsurance
A standing reinsurance agreement between a reinsurance company and a ceding life insurance company.
trust agreement
A legal agreement where a grantor transfers property to another person or organization who administers the property for the benefit of a third person or persons.
trustee
An the individual responsible for fulfilling the requirements of a trust agreement.
twisting
A prohibited insurance sales practice whereby a life insurance agent induces a policyowner to replace a life insurance policy when such action is contrary to the policy owners best interest.

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