Insurance in which the element of time has heavy bearing on the extent of loss. Business income insurance covers loss of income for the unknown duration of the insured’s business interruption.
Insurance Encyclopedia
Time Element Insurance
Insurance covering loss of revenue or the incurring of extra expenses as a result of damage or destruction by an insured peril. The amount of the insured loss depends on the length of time required to resume normal operations after the property damage and the amount of revenue lost and extra expenses incurred during this time.
Time element insurance (Property Insurance)
Any type of insurance that covers the ongoing expenses created by the damage that stems from an insured loss. The amount of the benefit paid out varies based on the length of time the expenses continue to amass.
Time Excess
A period immediately following an insured event in respect of which period the insured must bear his own loss.
Time limit
1. In a managed care or insurance contract, the amount of time from the date of service to the date the insurance claim or a proof of loss can be filed with the insurance carrier. 2. Under the Medicare program, payments for Part B insurance claims must be submitted within 15 months from the date of the procedure or service. 3. Under the TRICARE program, claims must be filed within 1 year from the date a service is provided or (for inpatient care) within 1 year from the patient’s date of discharge from the inpatient facility. 4. Time period (2 to 3 years) in which an insurance company cannot deny a claim or cancel an insurance policy because of a preexisting condition or statement in an application.
***
The period of time within which notice of claim or proof of loss must be filed.
Time limit on certain defenses (Health Insurance)
A provision that must, by law, be included in all individual health policies. This provision limits the length of time the insurer has to claim that the insured’s claim was caused by a pre-existing condition that was not reported at the time.
Time Limit on Certain Defenses for Health
One of the uniform provision which sets a limit on the number of years after a health insurance policy has been in force continuously that an insurer can use as a defense against a claim the fact that a physical condition of the insured existed before the policy was issued, but was not declared at that time.
Time limits
The length of time the insured has to submit a claim and the accompanying documents.
Time loss insurance
Form of business interruption insurance that pays an amount for each day’s stoppage of the business. The system is used on occasions in some engineering consequential loss policies based on time lost following machinery breakdown.
Time of payment of claims provision (Health Insurance)
A provision that requires claims be paid immediately, or within a stated number of days.