Glossary

Timing risk is the uncertainty surrounding the timing of a loss occurrence and its payout profile.

Title VII of the Civil Rights Act of 1964 is a law prohibiting discrimination by private sector employers. Title VII bars an employer from discriminating on the basis of race, color, religion, sex, or national origin in hiring, discharge, compensation, and any terms, conditions, or privileges of employment. An "employer" is defined under Title VII as any person "engaged in an industry affecting commerce who has 15 or more employees for each working day in each of 20 or more calendar weeks in the current or preceding calendar year." An "employer" can be a sole proprietor, partnership, or corporation. A partner is not considered an employee under Title VII. The majority of employment-related lawsuits alleging discrimination are brought under Title VII.

Tolling a statute of limitations occurs when a time period during which a statute of limitations for bringing a specific type of legal action is temporarily stopped from running. For example, many states have statutes that toll the statute of limitations for an accrued negligence claim belonging to a child while the child is still a minor. That means that, for up to 18 years, the 2-year statute of limitations on negligence claims, which otherwise would have long since run out, is stopped from running. When the child reaches age 18, the 2-year statute of limitation period begins to run at that point, and the plaintiff has until they reach age 20 to file suit.

Tontine is a pooling arrangement involving a group of people whereby dividends are paid to all individuals still living after a specified time period has elapsed at the expense of those who have died. These arrangements are no longer legal.

Tool and die floater is inland marine coverage on metal molds and specialized tools needed to produce a customized metal part or housing. A tool and die policy may be necessary when such property is located at the premises of other manufacturers with whom the insured has contracted to supply certain custom components.

A tort is a civil or private wrong giving rise to legal liability.

A tortfeasor is a party accused of committing a tort; customarily, the defendant in a liability lawsuit.

Tort threshold measures the minimum injury severity that, once reached, allows the insured to sue for noneconomic damages in auto no-fault insurance. The two types of tort thresholds are verbal (expressed in definitions of the seriousness of the injury) and monetary (expressed as dollars of medical costs incurred). Contrast this with monetary threshold and verbal threshold.

Total disability, as defined in a disability income policy, determines the liability of the insurer. Definitions vary from policy to policy, with some being very restrictive and some being very broad. The most broad disability income policies define this term as the inability to perform the functions of one's occupation. Policies that are more restrictive define it to be the inability to perform the duties of any gainful occupation.

Total insurable value is a property insurance term referring to the sum of the full value of the insured's covered property, business income values, and any other covered property interests.