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GLOSSARY
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Time deposit is a savings product that can't be withdrawn until a specified period of time has passed.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.
Time note
A time note is a contract related to a debt obligation that specifies the dates on which repayments are to be made.
Time share
When multiple people own a piece of property in which each owner has access to the property at intervals throughout the year.
TIPS
TIPS, or Treasury inflation-protected securities, are U.S. Treasury-issued bonds that automatically adjust the principal for inflation, as measured by the consumer price index. Since interest is paid on the principal amount, the yield benefits from these periodic inflation adjustments. TIPS pay interest every six months, and the principal is repaid at maturity.
Title
A lawful document showing proof of a person's right to ownership of a property.
Title 1
A loan which is taken out to help a home owner make basic repairs and improvements to their home.
Title company
The company which researches the property's title for liens. judgments, and obstacles which will impeded the sale, repairs and the title, supervises the closing, and ensures all money transactions are complete and accurate.
Title defect
When others make a legal claim to property and make demands on the owner.