Time For Notification Of Loss

Definition of "Time for notification of loss"

The Cobus Kevin Group real estate agent

Written by

The Cobus Kevin Groupelite badge icon

BHHS EWM Realty

Period allowed an insured to notify an insurer of loss. Many policies require immediate written notice, or notice as soon as practicable. Different types of policies have their own time periods. For example, health insurance policies require notice within 20 days, windstorm insurance policies within 10 days, and hail insurance policies within 48 hours. The purpose of a time period is to allow the insurer to investigate the loss and protect the property from further damage.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Type of trust used to remove assets from a surviving spouse's estate, thereby excluding such assets from federal estate tax upon the death of the surviving spouse. This type of trust allows ...

Coverage in the event of threats to injure an insured or damage or destroy his property. ...

Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...

Provision in a life insurance policy that if an insured dies within a given period of time, the beneficiary receives the face value of the policy plus its cash value. ...

Ruling that is the most significant source for the valuation of closely held corporation capital stock critical to the close corporation plan. This ruling defines the fair market value as ...

Rate charged by the Federal Reserve to commercial banks for overnight loans made by these banks. If the Federal Reserve decreases the discount rate, other rates will decline as well. ...

Assets permitted by state law to be included in an insurance company's annual statement. These assets are an important factor when regulators measure insurance company solvency. They ...

Coverage for the office of a business, or an individual in a general office building or other structure. Includes burglary of a safe; damage caused by robbery and burglary, actual or ...

In insurance, volume of premiums written. Also describes commercial activities with the profit motive as the goal of the organization. Commercial insurance companies are organized with the ...

Popular Insurance Questions