Homeowners Insurance Glossary
Tenants Policy.
A Homeowners form, which is specifically designed for people who rent. (PR)
Testing Exclusion.
In boiler and machinery insurance, a provision that excludes coverage for any object while it is being tested. (PR)
Three-Fourths Value Clause.
A clause stating that the maximum loss the insurer will pay is three-fourths of the actual cash value of the property. It is rarely used today. (PR, OM, IM)
Time Element Insurance.
Insurance which covers expenses consequent to damage or destruction by an insured peril that continue over a period of time. The amount paid depends on the length of time during which the expenses accumulate. An example would be Business Interruption insurance, which pays for the loss of earnings during the time it takes to repair the property. (PR)
Tobacco Sales Warehouses Coverage Form.
A commercial Property coverage form used to insure tobacco warehouse operations. Tobacco is covered only while in the warehouse, and only for a limited period before, during, and after the regular auction season. (PR)
Trust and Commission Clause.
A provision found in some Property, Ocean Marine, and Inland Marine policies enabling a person to insure his interest in the property of another. (PR, OM, IM)
Tuition Fees Insurance.
An adaptation of Business Interruption coverage. It protects a school against the indirect loss of tuition fees that may result from a fire or other peril covered by the policy, which closes the school. (PR)
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