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

Requirement that the combination of medicare and the employer's plan can not be greater than the amount the employer's plan would pay without Medicare. ...

Damage of property that is not total; average (in sense of partial) loss. ...

Special-purpose health insurance policy that covers an insured for accidents while traveling. The policy may cover the insured for one specific trip or one particular type of travel, or it ...

Policy clause that excludes coverage for loss of property if the cause of the loss cannot be identified. Mysterious disappearance is an exclusion in a standard inland marine insurance ...

Annual premium expressed on a proportionate basis such as monthly, quarterly, or semiannually. ...

Bill that allows the insurance company to include a clause in its policy that permits the policyholder to make a policy loan at a variable interest rate on new policies. Under this clause, ...

Ratio of net income after taxes to total end of the year net worth. This ratio indicates the return on stockholder's total equity. ...

Proposal, endorsed by then-President Bush and Secretary of the Treasury Nicholas Brady, which expands in a significant manner the number of individuals who could take advantage of the ...

Rules passed as part of the tax reform act of 1986 that limit the amount of income investors can shelter from current tax. Losses can be deducted from passive activities only in the amount ...

Popular Insurance Questions