Glossary

In reinsurance or certain types of insurance policies, target risk refers to a list of items exluded because they are outside of the risk appetite.

In international insurance, tariff refers to rates and coverages set and published by the rating bureau having jurisdiction.

Tax acceleration refers to taking a tax deduction when an expense is incurred rather than when paid in a subsequent period.

Tax harmonization is a euphemistic term for tax increases, promoted by governments in high-tax jurisdictions, in an effort to encourage other jurisdictions to follow their taxing policies, so eliminating "tax havens" for internationally mobile businesses.

Tax interruption coverage is for governmental entities that have taxing authority. It covers the government's potential loss of income when the property of others, subject to a property or sales tax, is destroyed.

A tax multiplier is a component of a retrospective rating plan that represents the costs associated with taxes, assessments, and other fees that the insurer must pay to the states on premiums written and collected.

Tax opinion insurance refers to insurance policies designed to cover costs arising from a specific tax position taken by an insured that is successfully challenged by the Internal Revenue Service.

The Tax Reform Act of 1984 includes two sections that increased the tax bill of an offshore captive insurer defined as a controlled foreign corporation.

The Technical and Miscellaneous Revenue Act of 1988 is a US tax Act that contains sections on tax treaties with Barbados and Bermuda and the elections for offshore captives to be taxed as US domestic corporations.

Technique of operations review system is a theory of accident causation and control that states that management and supervision weaknesses are the root cause of workplace injuries and illnesses.