Glossary of Terms:  T - Z

This glossary covers terms related to elder care, retirement and estate planning. It also includes related financial, insurance and legal terms. (For terms related to Medicare, click on Medicare Glossary.) To reduce download time, we have divided the Glossary into the following sections. Simply click on the section you want to see.

| A | B | C | D | E-F | G | H | I | J-L | M-N | O-P | Q-R | S | T-Z |

T

Tax Basis – The value of an asset for income tax purposes. This varies by the asset and the means by which it was acquired.

Tax-Qualified Long-Term Care Insurance – See Qualified Long-Term Care Insurance Policy.

Telephone Reassurance – Calls made by agencies or volunteers to an elderly person to check up on them and offer reassurance, contact and socialization. The calls are typically made at a predetermined time each day.

Term Life Insurance – Covers a person for a period of one or more years. It pays a death benefit only if you die during that term. It generally does not build a cash value.

Testate – Dying with a legally valid will.

Testator – The person who makes a will.

Third Party Notice – A provision that lets you name someone who the insurance company would notify if your coverage is about to end because the premium hasn't been paid. This can be a relative, friend, or professional such as a lawyer or accountant, for example.

Toileting – The fifth activity of daily living - Getting to and from the toilet, getting on and off the toilet and performing associated personal hygiene.

Transferring – The sixth activity of daily living - Moving into and out of a bed, chair or wheelchair.

Trigger – see Benefit Trigger.

Trust – A legal arrangement in which an individual (the trustor) gives fiduciary control of property to a person or institution (the trustee) for the benefit of one or more beneficiaries. For more information, visit How Living Trusts Avoid Probate.

Trustee – An individual or organization designated in a trust document to manage the assets held in the trust for the benefit of the trust's beneficiary or beneficiaries.

Trustor – The person who creates a trust; also called a grantor.

TTY – A text telephone system that allows a hearing-impaired user to type messages to another person and read responses on a small screen. Similar to today's text messaging, a "read only" conversation can exist between two people who each use TTY equipment. Otherwise, a non-hearing-impaired caller can use a relay service where a special operator acts as a go-between to translate the speaker's words into text and text print into voice communication.

U

Underwriting – The process of examining, accepting, or rejecting insurance applications, and classifying those people who are accepted, in order to charge the proper premium for each person.

Universal Life Insurance – A flexible type of policy that lets you periodically adjust your premium payments and the amount of your coverage.

W

Waiting Period - see Elimination Period.

Waiver of Premium – If a policy contains this provision, premiums don't have to be paid while an insured person is receiving benefits if the specified conditions are met.

Will – A written document through which a person disposes of property after death. An interesting article is Do I Need a Lawyer to Make My Will?

Whole Life Insurance – Policies that build a cash value and cover a person for as long as he or she lives if premiums continue to be paid.

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The material on this site is for informational purposes only, and is intended as a supplement, not a substitute for medical advice, diagnosis or treatment provided by a qualified health care provider. More

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