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GLOSSARY
Term deposit
Term deposit is a savings product that can't be withdrawn until a specified amount of time has passed. The most common term deposit is a CD, which pays a higher yield than a liquid savings deposit.
Term loan
A term loan is a commercial debt made by a bank or finance company that's repaid with periodic principal repayments. Term loan debt can't be re-borrowed once it's paid off.
Termination statement
A termination statement documents a borrower's fulfillment of an asset-based debt facility. Once the loan has been paid off, the lender no longer has ownership rights to the assets that were used as collateral for the loan.
Testamentary trust
Testamentary trust is a property ownership arrangement that's established according to instructions within a will, and after the grantor has died. Generally, the trust will hold the decedent's property. An appointed executor must manage the property and make distributions to beneficiaries in accordance with the grantor's wishes.
Tester
A tester is a person or thing that evaluates something's effectiveness or usefulness.
The Fed
Have you heard of Alan Greenspan? He is a Fed. He is the chairman of this seven member Board of Governors which is in charge of regulating and monitoring or economy and monetary policy so that we can find a stasis. The Fed is informal for the Federal Reserve System.
Third party originator
The person or company that gathers all the pieces of a mortgage application and transfers or sells it to the lender.
Third-party administrator
Third-party administrator, or TPA, is a company that's contracted to be a liaison between an insurance company and members of a group plan issued by that insurance company.
Third-party payer
Third-party payer is an entity that's responsible for a person's medical expenses, e.g., an insurance company.
Three-year rule
Three-year rule refers to a tax law that discourages individuals from gifting assets to others when death is imminent, solely for the purposes of avoiding estate tax. Section 2035 of the tax code states that if certain assets are transferred or gifted to someone else within three years of the decedent's death, those assets must be included in the estate, and taxed accordingly.
Thrift
Thrift refers to a financial institution that holds deposits, primarily for individuals.
Thrift savings plan - TSP
Thrift savings plan, or TSP, is a defined-contribution retirement savings plan available to federal employees. The TSP functions like a 401(k) plan in that the employee makes contributions through automatic salary reductions, and the employing agency may have some contributing matching program. Contributions can be invested in one of several investment funds.
Timber Investment Management Organization - TIMO
Timber Investment Management Organization, or TIMO, is an entity that manages timberland investments on behalf of institutional investors. Some institutional investors diversify their portfolios by holding timberland investments, but they're not equipped to find and manage appropriate properties for maximum returns. TIMOs fill this need.
Timberland investment
Timberland investment is a tree farm, or managed natural forest, that's held by an institutional investor as part of an investment portfolio. Timberland investments are attractive to institutional investors because these properties tend to respond differently to economic conditions than stocks or bonds, which helps even out the return of the overall portfolio. Timberland investments are also relatively low risk, but produce strong returns.
Time deposit
Time deposit is a savings product that can't be withdrawn until a specified period of time has passed. In return for reduced liquidity, the depositor earns a higher yield relative to regular savings deposits. CDs are time deposits.