Tail: This term has been used to describe both the exposure that exists after expiration of a policy and the coverage that may be purchased to cover that exposure. One "occurrence" forms a claims tail may extend for years after policy expiration, and the losses may be covered. On "claims made" forms tail coverage may be purchased to extend the period for reporting covered claims beyond the normal policy period.
Term Life Insurance: A life insurance policy that covers the insured for a specific period of time as outlined in the insurance policy. If the insured dies within the specified period, the policy pays a benefit to a designated beneficiary. Term life insurance policies are renewable but premiums increase with age.
Total Loss: Damages that are so severe, restoration is not possible.
The above information is for general informational purposes only and is not to be construed as a recommendation or advice in any way shape or form.