Glossary

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Third-Party Claims

Claims made against another person’s insurance company. For example, a person sues a condominium owner’s insurer when he sustains injuries due to a faulty balcony.

Time Element Coverage

Time element insurance coverage provides insurance for a covered incident resulting in loss of use of property for a period of time. Examples of time element coverage include Business Interruption, Rents and Rental Value, Additional Living Expenses, and Leasehold Interest coverage.

Tort

A tort is a negligent or intentional act that violates a person's rights or injures someone in some way. A tort allows someone to sue for damages. A tort is a civil action subject to judgement for damages payable to the wronged party. However, in some cases, there may be both a tort and a crime. For example, in battery, the wrongdoer may be subject to both civil and criminal penalties.)

Triple Option Plan

A type of insurance plan that offers the policyholder three options to choose from. The options are usually traditional indemnity, an HMO plan, and a PPO plan.
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