Insurance Definitions

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TAIL:  This term has been used to describe both the exposure that exists after expiration of a policy and the coverage that may be purchased to cover that exposure. On "occurrence" forms a claims tail may extend for years after policy expiration, and the losses may be covered. On "claims made" forms tail coverage may be purchased to extend the period for reporting covered claims beyond the normal policy period.

TERM INSURANCE:  Life insurance issued for a stated temporary period of time.

TITLE INSURANCE:  Indemnifies the owner of real estate in the event clear ownership of property is challenged by discovery of faults in the title.

TO PAY AS CARGO:   Used in an ancillary insurances relating to the cargo (e.g. increased value) when the Assured is not required to show evidence of loss or interest and can claim on the policy if he can show that a corresponding loss has been settled on the main cargo policy.

TOTAL LOSS:   This can be actual total loss or constructive total loss, where the cost of damage repair exceeds the value of the property insured.

TRANSIT CLAUSE:   A clause in the Institute Cargo Clauses, specifying the attachment and termination of cover.

TRUCKMENS LIABILITY FORM:   See Motor Truck Cargo Policy