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.
Insurance Encyclopedia
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.
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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.
Time On Risk
A period during which insurance applied used for the calculation of premium when for some reasons the insurance has been discontinued.
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UK: A period during which the insurer has been on risk for an insurance that has been discontinued.
Time policy
UK: A policy that insures the subject-matter, normally a hull, for a stated period of time (Marine Insurance Act 1906, s.25(1)) as opposed to a specific voyage. Hull risks are usually insured in this way using the International Hull Clauses or the earlier Time Clauses.
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UK: a type of marine insurance in which a ship is insured for a specific period of time, rather than a specific voyage.
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Ocean marine Policy covering the insured’s interests in voyages which begin during the Policy period. A time Policy, appropriate for a shipper of many cargoes or the owner of several vessels, does not cover losses to voyages which were underway whey the Policy period began, but, as long as the voyage began during the Policy period, it covers losses in voyages which conclude after the Policy period ends.