Time Element Insurance: A term referring to property coverage for loss of earnings or income resulting from the inability to put damaged property to its normal use
Term Insurance: Protection during limited number of years; expiring without value if the insured survives the stated period, which may be one or more years but usually is five to twenty years, because such periods usually cover the needs for temporary protection.
Term: Period for which the policy runs. In life insurance, this is to the end of the term period for term insurance.
Third-Party Owner: A policy owner who is not the prospective insured. The policy owner and the insured may be, and often are the same person. If for example, you apply for and are issued an insurance policy on your life, then you are both the policy owner and the insured and may be known as the policy owner-insured. If, however, your mother applies for and is issued a policy on your life, then she is the policy owner and you are the insured.
Transit Coverage: Coverage on the insured's property while in transit from one location to another, over land
Ernie May Insurance Agency 1724 S. 7th St., Terre Haute IN 47802 ::: 812-238-2995 800-458-2995 812-232-7043 Fax