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TABLE CODE (Table: RATETABLE): This field contains the table rating code.
TABLE_ID (Table: UWRREQ_TABLE): Enter in the Underwriting Requirement Table record id. If this is a new record, you will be prompted to enter in the header information after the enter key has been pressed.
Target-benefit pension plan: A defined contribution plan where the contribution amount is designed to provide the participant with a specific (or "target") benefit. However, the sponsor does not guarantee the benefit, so no adjustment is made if actual investment results (or other variables) differ from initial projections. At retirement, the funds in the employee's account may be paid in a lump sum or used to purchase an annuity.
Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA): United States federal legislation designed to increase tax revenues through a variety of means such as restrictions on the tax deductibility of certain investments, including some life insurance and pension products, and the elimination of distinctions in tax law applicable to partnerships and sole proprietorships.
TAX GROUP (Table: TAX_RATES): Enter the code for tax group to which the date-related tax rates entered below apply.
Tax-Deferred Annuity (TDA) plan: See Section 403(b) Plan.
Tax-sheltered annuity (TSA) plan: See Section 403(b) Plan.
TELEX (Table: BANK_DETAILS): Bank telex number.
Temporary insurance agreements: Legal agreements between an insurer and a proposed insured that provide a guaranteed amount of temporary life insurance coverage for a specific period of time, usually the underwriting period. Also known as interim insurance agreements and temporary insurance receipts.
Temporary life annuity: A series of regular periodic payments, each of which is made only if a designated person is then alive, with the number of such payments limited to a specified number.
Ten-day free look: See free examination period.
TERM (Table: GI_RATES): The Term of the Policy; Term and Rate are held as multiple related values. If the Interest Rates are not held by term, 0 should be entered for Term.
TERM (Table: VALUATION_PRICES): This field is only used for Guaranteed basis rate funds.
TERM (Table: GENACCTRN): This field, the third part of the key to the GENACCTRN file, contains the number of the terminal where the data was entered.
Term insurance: Life insurance under which the benefit is payable only if the insured dies during a specified period. See also convertible term insurance, credit life insurance, decreasing term insurance, deposit term insurance, family income insurance, increasing term insurance, level term insurance, mortgage redemption insurance, and renewable term insurance.
Terminal policy dividend: A substantial extra dividend or pro-rata dividend covering the period between the last policy anniversary date and the termination date of the policy.
TERMINATED DATE (Table: GRP_POL): This field contains the date(s) of termination for each coverage.
Termination expenses: The cost of processing death benefit claims and cash surrenders.
Territory: (1) The geographical area for which a home service agent has exclusive responsibility. Home service districts are divided into territories. Also called an account, an agency, or a debit. (2) The geographical area for which an insurance agent or general agent has responsibility.
Testamentary disposition: In life insurance, the use of a will to indicate the person or party to whom the proceeds of a life insurance policy should be distributed.
The first request for a policy within this banding. (Table: UWRREQ_TABLE): To be followed by five more requests if necessary.
The SCHEME_RATES table is used when rating information is to be taken (Table: SCHEME_RATES): from the UNIT_VALUES table. This could be used when the rates for a female are not the same as those for a younger male, and / or the rates for a smoker are not the same as for an older non-smoker. The key to the UNIT_VALUES table has 7 components, all of which are defined by the SCHEME_RATES information. How they are used depends on the system's installation but some examples are: - identifier of the group of unit values rows to be used - a code indicating whether / which risk class is to be used - a code indicating whether the clients' sex is to be used - code indicating the type of rate (for instance, used when calculating premiums, or current cost of insurance) - the version of the rates to be used The rates held on the UNIT_VALUES table can vary by age and / or by banding of face amount.
The tax rates screen is used to maintain tax rates across bands where (Table: TAX_RATES): annuities, in particular, make payments less a rate of tax. The tax rates are multivalued by date, and changes to the tax rates will affect policies from the most recent rate and date.
Third-Party Administrator (TPA): An organization that administers an insurance contract for a self-insured group but that does not have financial responsibility for paying claims. The self-insured group pays its own claims. See also administrative services only (ASO) contract and self-insured group insurance.
Third-party application: An insurance application submitted by a person or party other than the proposed insured.
Third-party endorsement: A method of marketing individual insurance to groups. In the third-party endorsement method, a life insurance company makes an agreement with an organization (such as a club, a business, or a professional association) to sell individual insurance to members or employees of the organization. The organization endorses the insurer's products, but the group members are free to buy the products or not.
Third-party insurance: Insurance coverage applied for by someone other than the proposed insured.
THIS BONUS (Table: BONUS_PRT): The bonus payable this year.
Three-factor contribution method: A method for calculating policy dividends, considering separately the contributions arising from interest, mortality, and loading.
Thrift plan: See savings plan
TIME (Table: GENACCTRN): This field, the second part of the key to the GENACCTRN file, contains the time the transaction was entered.
TIME (Table: LETTERS_SENT): Time
TITLE (Table: REPORT): This is the title of the screen (at the top of the border) when the report is run.
Top-heavy plan: In the United States, a pension plan or employee-benefit plan which provides more than 60% of its accrued benefits to the owners, executives or most highly paid employees of a company (known as key employees). To remain qualified, a top-heavy plan must provide certain minimum benefits to non key employee participants. See also key employee.
TOT BONUSES (Table: BONUS_PRT): Total bonuses paid to date (including this bonus).
Total disability: When a disability begins, it is typically considered a "total disability" if it prevents an insured person from performing the essential duties of his or her regular occupation. Under many insurance policies, the definition of total disability changes at the end of a specified period after the disability begins, usually two years. Therefore, insured are considered totally disabled only if their disabilities prevent them from working at any occupation for which they are reasonably fitted by education, training, or experience. See also disability.
TOTAL SALARY (Table: GRP_POL): The total salary for free cover limits which apply to a multiple of the average earnings.
Total-needs programming: A basis for selling life insurance in which the agent takes into consideration all the prospect's financial needs, calculates the amount of money required to take care of all those needs, determines the amount of funds that will be available when the prospect dies, and calculates the amount of life insurance required to provide the difference. Sometimes called financial planning. Contrast to single-need selling.
Traditional Net Cost (TNC) method: An insurance policy cost comparison method that is prohibited by the NAIC Model Life Insurance Solicitation Regulation primarily because it ignores the time value of money.
TRANS AMT (Table: DAILY_FORWARD_PRICE): This is amount to be invested or disinvested in the fund.
TRANS CCY (Table: DAILY_FORWARD_PRICE): This is the transaction currency (either fund or policy)
TRANS NO (Table: GENACCTRN): Transaction Number of the Creating Transaction
TRANSACTION CODE (Table: GENACCTRN): This is used by entries generated via policy accounting and is the transaction code entered at time of input (eg PY for payment, RV for reversal).
TRANSACTION POLICY NUMBER (Table: BANK_TRANSACTIONS_DONE): Policy number on bank transaction before reconciliation
Travel accident benefit: An accidental death benefit often included in group insurance policies issued to employer-employee groups. This benefit is payable only if an accident occurs while an employee is traveling for the employer.
Triple indemnity: A type of accidental death benefit coverage that pays an additional benefit equal to twice the policy's basic death benefit if the accident is sustained while the insured is a passenger in a public conveyance operated by a licensed common carrier, such as a bus, train, or airplane.
Trust agreement: In a trusteed pension plan, the contract between the plan sponsor and the trustee that describes the trustee's authority and responsibilities for investing and administering plan assets. Trust agreements are also found when group insurance is provided through a multiple-employer trust (MET).
Trust fund plan: A pension plan under which employer and employee contributions are forwarded to a trustee, who is responsible for investing the contributions and is often responsible for making benefit payments to plan participants. The duties of the trustee, who may be an individual or an institution such as a bank trust department, are spelled out in a trust agreement. A trustee generally does not guarantee that the trust fund will be adequate to pay current and future pension benefits.
Trusteed pension plan: A pension plan in which the plan sponsor chooses a trustee to be responsible for investing the plan's assets or for choosing an investor for the plan's assets. Also known as a pension trust.
TT REF (Table: GENACCTRN): Telegraphic Transfer Reference
Twisting: A form of misrepresentation in which an agent induces a policy owner to cancel an insurance policy and use the cash value of that policy to buy a new policy. In the process, the agent does not inform the policy owner of the differences between the two policies nor the financial consequences of the replacement. Twisting involves a misleading or incomplete comparison of the policies to the disadvantage of the policy owner. Twisting is a prohibited insurance sales practice.
TYPE (Table: SCHEME_RATES): The Scheme Rates table is a buffer between the plan parameters and the UNIT_VALUES table. It determines how the key to the UNIT_VALUES record is to be structured and which rate is to be returned.