MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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T

Term Life Insurance

A life insurance policy that provides a specified benefit upon the insurance holder's death, if the death occurs within a certain specified time period.

Testamentary Trust

A trust that is established by will. Compare to living trust.

Testator

The person who writes and signs a will.

Testatrix

Feminine form of testator.

Time value of money

The relationship between time, money, and rate of return (interest), and their effect on earnings growth. The more time, money, and rate of interest, the more money yielded at the end of a period of time.

Totten Trust

A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.

Trade-off

An exchange of one thing in return for another; especially relinquishment of one benefit or advantage for another regarded as more desirable.

Transaction Date

The date a purchase is made or cash is withdrawn. Some companies assess interest from the transaction date, others from the posting date.

Transaction Fee

An extra charge for various credit activities, such as using an ATM or receiving a cash advance.

Transaction, Settlement, Or Closing Costs

Fees associated with taking ownership of property. They may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys' fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range.

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