Glossary

The Terrorism Risk Insurance Act of 2002 is federal legislation enacted to guarantee the availability of insurance coverage against acts of international terrorism.

The Terrorism Risk Insurance Extension Act (TRIEA) was federal legislation extending the Terrorism Risk Insurance Act (TRIA) through December 31, 2007. It also made some changes to the TRIA reinsurance program and exempted the following coverages from the application of TRIA: commercial auto, burglary and theft, surety, professional liability (other than officers and directors liability), and farm owners multiple peril.

The Terrorism Risk Insurance Program Reauthorization Act, passed in December 2007, reauthorized through 2014 the federal terrorism insurance backstop originally established under the Terrorism Risk Insurance Act of 2002 and extended under the Terrorism Risk Insurance Extension Act of 2005, with some changes. The most notable change was the removal of the references to foreign persons or entities, thereby requiring insurers to make coverage available for both foreign and domestic forms of terrorism.

The Terrorism Risk Insurance Program Reauthorization Act of 2015 extended TRIA through December 31, 2020. It was passed in January 2015, after a delay when the outgoing Congress failed to reauthorize the Terrorism Risk Insurance Act (TRIA) in the last days of the 2014 legislative session. It also made several changes to the reinsurance program, including reducing the federal share of insured terrorism losses incrementally through 2020, increasing the trigger threshold for federal involvement in insured terrorism losses incrementally through 2020, and increasing the mandatory recoupment of federal losses incrementally through 2020.

The tertiary beneficiary is the third beneficiary in line to receive life insurance proceeds.

Testing coverage is for the testing of newly installed machinery or equipment as well as overhauling engines. It can usually be arranged in conjunction with builders risk insurance.

A test modifier is an experience modifier calculated by or on behalf of the insured to estimate what the actual modifier will be when calculated by the National Council on Compensation Insurance (NCCI) or other rating bureau.

Tetrahydrocannabinol (THC) is a constituent of the plant Cannabis sativa L. responsible for the "high" associated with cannabis consumption. THC may be naturally occurring or synthetic.

That particular part is a key phrase in the property damage exclusion of general liability and some umbrella coverage forms that eliminates coverage for damage to work performed by (or on behalf of) an insured contractor that arises from that work. The language precludes coverage for "that particular part of real property" on which the work is performed. The intent is to exclude the faulty work itself and yet cover resulting damage to work already in place. The phrase has been defined by the courts as "a single item of property which, though composed of many parts, is clearly a unit of property within itself, self-contained and a single item."

Theft, Disappearance, and Destruction of Money and Securities Coverage Form C (CR 00 04) insures against loss by theft, disappearance, or destruction of the insured's money and securities inside the insured's premises (or insured's bank's premises) as well as outside the insured's premises while in the custody of a messenger.