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T


Tax sheltered annuity (TSA)  
An individual retirement plan available to teachers and hospital employees through which earnings accumulate tax deferred and contributions are tax deductible – also known as a 403(b) or TSA.

Taxable event  
Any financial transaction that will likely result in taxes being paid by the client. Insurers must notify the IRS and state tax offices of all such transactions.  


Term insurance
  
A type of life insurance certificate through which the death benefit is payable only if the insured dies within a specified time period.  


Third-party owner
  
An owner of a life or annuity certificate who is other than the insured.  


Time value of money
  
The idea that a dollar now is worth more than a dollar in the future, even after adjusting for inflation, because a dollar now can earn interest or other appreciation until the time the dollar in the future would be received.  


Tobacco distinct rates
  
A rate class offering lower insurance rates to insureds who do not use tobacco or any product containing nicotine.  


Transfer of ownership
  
The transfer of all ownership rights under an insurance certificate from the owner to another person or entity. This is also known as an absolute assignment.


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