THEFT - Any act of stealing. Theft
includes larceny, burglary and robbery.
THIRD PARTY INSURANCE
- Protection of the insured against liability for damage
to or destruction of the bodies or property of others.
TOTAL LOSS
- A loss of sufficient size so that it can be said there
is nothing left of value. The complete destruction of
the property. The term is also used to mean a loss
requiring the maximum amount a policy will pay.
TRANSFER OF RISK
- Shifting all or part of a risk to another party.
Insurance is the most common method of risk transfer,
but other devices, such as hold harmless agreements,
also transfer risk. One of the four major risk
management techniques.
See Risk Management.
