Glossary

A tranche describes a subcategory of a larger set. For example, a bond offering may include several tranches of bonds posing varying degrees of risk to an investor.

Transfer of risk is a risk management technique whereby risk of loss is transferred to another party through a contract (e.g., a hold harmless clause) or to a professional risk bearer (i.e., an insurance company).

Transfer pricing involves payments for goods or services exchanged between affiliated companies, where the payment is not "market rate."

In reference to multinational insurance programs, this is the internationally recognized process for proper recognition of local taxable revenue and deductions involving intercompany transactions.

Transitional duties are a job assignment made to an employee returning to work while still recovering from a compensable injury.

Transit coverage is inland marine coverage on the insured's property while in transit over land from one location to another.

Transportation expenses are the additional expenses paid under the personal auto policy (PAP) and the commercial auto policies.

A transportation network company is a business model that offers prearranged rides or car rentals for a fee, utilizing an online application (app) via a mobile device to connect passengers or automobile renters with drivers/car owners.

The Transportation Risk and Insurance Professional (TRIP) is a certification program that consists of a series of courses devoted to the transportation risk and insurance profession.

Travel agents errors and omissions insurance refers to policies covering claims arising from errors or omissions committed by travel agents when they arrange and plan trips.