Glossary

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.

In captive parlance, a trust fund 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.

In the construction industry, turnkey operation refers to the practice by contractors of building on speculation and then selling the completed project to a buyer.

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.

Two-factor authentication involves the use of multiple, distinct layers of security protecting a device or network.