Glossary

A T3 Lloyd's Form is a coverage form used by the various Lloyd's of London syndicates to provide stand-alone terrorism insurance.

With a reinsurance company's knowledge, table shaving is a concept used by direct writing life insurance companies that allows substandard risks to be placed as standard risks.

The tabular value reserve method is a life insurance reserving method that uses a mortality table to indicate the reserve that applies to the rating of specific insureds.

Tacit renewal is an arrangement in which a contract of insurance "renews" automatically without either insured or insurer having an obligation to act.

Tail liability describes claims from workers compensation and liability exposures in a given period that can arise for many years thereafter.

Tail coverage is a feature found within a claims-made policy that permits an insured to report claims that are made against the insured after a policy has expired or been canceled if the wrongful act that gave rise to the claim took during the expired/canceled policy.

Tail value at risk is an economic cost of ruin (ECOR)-like measure in the sense that both the probability and the cost of "tail events" are considered; the calculation differs from ECOR in such a way that it has a desirable statistical property (i.e., coherence).

Takaful is the concept for the sharing of risks based upon Islamic laws.

Targeted enterprise risk insurance is a class of insurance products used to cover specific financial (e.g., credit), operational, or hazard risk.

Targeted tender refers to the submission of a claim to only one of multiple insurers under whose policies the claimant has insured status.