Dictionary

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Tenancy by the Entirety

A type of joint tenancy of property that provides right of survivorship and is available only to a husband and wife.  Contrast with tenancy in common.

Tenancy in Common

A type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint tenancy.

Tenant

One who holds or possesses lands or tenements by any kind of right or title.

Tenant-Stockholder

The obligee for a cooperative share loan, who is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement.

Term Insurance

Life insurance that normally does not have cash accumulation and is issued to remain in force for a specified period of time, following which it is subject to renewal or termination. Term insurance is considered to be temporary coverage. Remember, the word “term” means time. Term policies only cover you for a period of time and you must die in the term in order to be covered. Whole life, however, is permanent in that it covers you until you die.

Term Loan

See Interest Only Loan.

Term Loan

See Interest Only Loan.

Tertiary Beneficiary

Next in line behind the Contingent Beneficiary to receive policy proceeds if both the Primary and Contingent Beneficiaries are deceased. Also known as the Final Beneficiary, which is usually the estate of the insured. The word “Tertiary” means “third.”

Testate

Having made and left a valid will.

Testate

Having made and left a valid will.