Glossary

A truckers policy is a commercial auto policy designed to address the needs of the "for-hire" motor carrier (i.e., trucking) industry. The truckers policy is an obsolete form that included auto liability, trailer interchange, and auto physical damage coverage.

Truckload in an insurance context refers to a motor carrier for hire transporting a truckload of cargo from one shipper at a time, as opposed to a less-than-truckload motor carrier that typically consolidates loads such that its cargo at any one time comes from multiple shippers.

A trustee is a person appointed to manage the property of another.

Trustee group life insurance refers to a master group life insurance policy issued to a trustee for two or more employers in the same industry, for two or more unions, or for joint employer-union funds for the benefit of the employees or members.

A trust agreement is an attachment to a life insurance policy stipulating that proceeds should be paid into a trust under certain conditions.

Trust department errors and omissions coverage is coverage for the liability of bank trust department personnel arising out of their acts as trustees. Examples of acts that may give rise to such liability include improper investment of trust assets, failure of a stock transfer agent to effect the transfer in the required time limit, and permitting devaluation of trust assets.

A trust fund in a captive insurance context is an onshore guarantee fund using assets of the captive. Another use of the term "trust fund" is a formalized self-insurance vehicle that operates pursuant to its governing trust document. It is used to gain admission onto the National Association of Insurance Commissioners approved list or to replace a letter of credit in certain fronting reinsurance arrangements. Often, a trust fund serves as alternatives to captives for more narrowly defined business purposes and risk funding.

Turnkey operation in the construction industry refers to the practice by contractors of building on speculation and then selling the completed project to a buyer. Under the provisions of standard liability insurance, such operations can be subject to an alienated premises exclusion that removes coverage in connection with premises sold by the insured. If a contractor has in any way "occupied" a building it has constructed on speculation before selling it—for example, displaying it as a model—then coverage should be modified to preserve coverage for this turnkey operation exposure.

Twisting describes the act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies. Most states have enacted legislation making twisting a crime.

Two-factor authentication involves the use of multiple, distinct layers of security protecting a device or network. Users attempting to access a device that is utilizing two-factor authentication must pass two different kinds of "tests" before they can view any actual files or gain access otherwise. Perhaps the most common utilization of two-factor authentication is the use of a "possession factor" in combination with a "knowledge factor." In this case, a user would need to enter in a pregenerated number, which changes on a set time basis and appears on a physical "token" that the user carries with them (possession factor), and enter in a password of the user's choosing (knowledge factor). Two-factor authentication can also incorporate biometrics, such as fingerprint and retina scans, which may be used in conjunction with another type of factor to form the basis for two-factor authentication.