Glossary of Terms: T - Z
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.
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.
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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