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Term Assurance
This is the simplest form of life assurance and is pure protection product. A term assurance policy is taken out for a set period of time (e.g., 10, 20 or 25 years) and guarantees to pay out a specified sum if you die during that period of time. If you survive the term of the policy, no payment is made.
Third Party
Someone other than the insured or his insurer who has suffered injury or loss. A third party is not a party to the insurance contract but a party who seeks to be compensated for some injury or loss caused by the insured.