A term in a corpus is said to be ``bursty'' (or overdispersed) when its occurrences are concentrated in few out of many documents. In this paper, we propose Residual Inverse Collection Frequency (RICF), a statistical significance test inspired heuristic for quantifying term burstiness. The chi-squared test is, to our knowledge, the sole test of statistical significance among existing term burstiness measures. Chi-squared test term burstiness scores are computed from the collection frequency statistic (i.e., the proportion that a specified term constitutes in relation to all terms within a corpus). However, the document frequency of a term (i.e., the proportion of documents within a corpus in which a specific term occurs) is exploited by certain other widely used term burstiness measures. RICF addresses this shortcoming of the chi-squared test by virtue of its term burstiness scores systematically incorporating both the collection frequency and document frequency statistics. We evaluate the RICF measure on a domain-specific technical terminology extraction task using the GENIA Term corpus benchmark, which comprises 2,000 annotated biomedical article abstracts. RICF generally outperformed the chi-squared test in terms of precision at k score with percent improvements of 0.00% (P@10), 6.38% (P@50), 6.38% (P@100), 2.27% (P@500), 2.61% (P@1000), and 1.90% (P@5000). Furthermore, RICF performance was competitive with the performances of other well-established measures of term burstiness. Based on these findings, we consider our contributions in this paper as a promising starting point for future exploration in leveraging statistical significance testing in text analysis.