Dictionary

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Transfer Tax

State or local tax payable when title passes from one owner to another.

Travel Accident

A form of accident insurance limiting coverage to accidents occurring while the insured is traveling. This is a form of AD&D insurance, and is considered to be a limited policy since it covers accidents only. These policies have many exclusions, such as no coverage if your injury occurs while you are under the influence of alcohol.

Treasury Index

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury’s daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. See adjustable-rate mortgage (ARM).

Trigger Terms

Specific credit terms such as down payment, monthly payment, the amount of finance charges, or the term of the loan, which, if included in an advertisement, trigger full disclosure of all financing terms under Regulation Z.

Trip Transit Policy

An Inland Marine transportation policy, similar to the Annual Transit policy, but designed to cover a specific shipment.

Trust

A fiduciary arrangement whereby property is conveyed by a trustor to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary.

Learn everything you need to know about a trust or escrow account here.

Trust Deed

A deed of trust.

Trustee

A fiduciary who holds or controls property for the benefit of another.

Trustor

See Trust.

Truth-in-Lending

A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.