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.
Insurance Encyclopedia
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.
Time value of money
Relationship determined by the math of compound interest between monetary values at one point in time and their values at other points in time. Implicit in any consideration of time value of money are the rate of interest and the period of compounding.
Time-Weighted Average (TWA)
Measure of the concentration of a potentially harmful airborne chemical or physical Agent during a specified interval, such as an eight-hour workday. During this interval, the concentration of a specified substance is measured continuously (or very frequently) so that the intensity and duration of each level of exposure can be determined. The time-weighted average exposure is computed by multiplying each observed level of exposure by its duration, adding the resulting products, and dividing by the total duration.