Insurance Glossary
Vacation Rental Insurance policies can contain technical industry terms that make reading a challenge. To avoid confusion, the carrier as created the following list of definitions for a number of industry terms and phrases.
The following definitions are provided for informational purposes only. Please refer to your Vacation Rental Insurance Policy or Certificate of Insurance for definitions and coverages specific to your Policy/Certificate.
Termination
The basis on which a party to a contract - written or verbal - may terminate the contract.
Origin: Vacation Rental Association
Terms & Conditions
The list of conditions, usually in writing and often printed on a website, that govern a contract or order. They spell out how payments are handled, what the policies and procedures are, what happens in the case of certain events. They govern the customer's comportment and obligate them to other rules and regulations.
See also: Rules, Regulations Origin: Istay
Terrorist act
An act of violence, other than civil disorder or riot, (that is not an act of war, declared or undeclared) that results in loss of life or major damage to property, by any person acting alone or on behalf of or in connection with any organization which is generally recognized as having the intent to overthrow or influence the control of any government.
Origin: Vacation Rental Association
Textiles
All bedding, towels and other fabric products used in a lodging facility to comfort to owners, family and guests.
See also: Bedding, towels, fleece, Linens Origin: Vacation Rental Association
Time-Shares
Homes divided in ownership or use on the basis of time periods, most often one or two week each year.
Origin: Vacation Rental Association
Tip Envelope
Housekeepers leave in rooms indicating their name and date cleaned. Usually includes subtle reminder that tips are not required but gratefully appreciated.
Origin: Vacation Rental Association
Tour Operator
Develops, markets and operates group travel programs that provide a complete travel experience for one price and includes transportation (airline, rail, motor coach, and/or ship), accommodations, sightseeing, selected meals and an escort. Tour operators market directly to the consumer, through travel agents and are beginning to be listed on computerized reservation systems.
Origin: Vacation Rental Association
Tour Wholesaler
An individual or company that sells tour packages and tour product to travel agents. Tour wholesalers usually receive a 20% discount from accommodations, transportation companies and attractions and pass on a 10 to 15% discount to the retail agent.
Origin: Vacation Rental Association
Tourism
Where consumers undertake leisure travel. As opposed to travel for business purposes
See also: Traveler, Tourist, Visitor Origin: Vacation Rental Association
Tourist
Traveler how moves from place to place to enjoy and experience different locations. Differs from business travel who comes for business purposes.
See also: Traveler Origin: Vacation Rental Association
Towels
Fleece based materials used for bath towels, hand towels, wash clothes, bath mats
See also: Textiles, fleece, bedding Origin: May, William
Transient
A Guest who arrives without an advance reservation or pre payment. Contrary to representations to those opposed to Lodging, guests with reservations are NOT transients.
Origin: Vacation Rental Association
Travel
Leisure and other travel including travel for business, medical care, education, etc. All tourism is travel, but not all travel is tourism.
Origin: Vacation Rental Association
Travel Accident
Provides coverage for loss of limb or life in the event of an accident while traveling, or within 180 days after the accident due to the direct result of that accident.
Origin: CSA Travel Protection
Travel Agent
An individual who arranges travel for individuals or groups. Travel agents may be generalist or specialists (cruises, adventure travel, conventions, and meetings.) The agent receives a commission form accommodations, transportation companies and attractions for coordinating the booking of travel. They typically coordinate travel for their customers at the same of lower cost than if the customer booked the travel on his/her own.
Origin: Vacation Rental Association
Travel Insurance
Purchased from a carrier who agrees to reimburse guests for some expense if they are forced to cancel their plans due to certain reasons. Usually these include death in the family, personal injury or flight delays. Highly recommended.
Origin: Vacation Rental Association
Travel Product
Refers to any product or service that is bought by or sold to consumers of trade including accommodations, attractions, events, restaurants, transportation, etc.
Origin: Vacation Rental Association
Travel Seasons
Travel industry business cycles including:
Peak - Primary travel season
Low - Period when business is slowest
Shoulder - period between peak and low periods when business is stronger, but has room from growth.
Origin: Vacation Rental Association
Travel Trade
The collective term for tour operators, wholesalers, and travel agents.
Origin: Vacation Rental Association
Traveler
Any person who travels either for leisure or business purposes more than 100 miles (round-trip) in a day or who stays overnight away from his other primary domicile.
Origin: Vacation Rental Association