Time Element (time Policy) Coverage
Definition of "Time element (time policy) coverage"
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income resulting from the shutdown of a manufacturing facility housed in the burned building represents an indirect time element loss and would be covered by business interruption insurance, a form of time element insurance.
Popular Insurance Terms
Organization of home office underwriters of life insurance companies. HOLUA offers educational material and national examinations for home office life underwriters, the individuals who ...
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Federal legislation giving an insurance applicant the right to contact a reporting organization doing a credit check and be advised of information contained in the applicant's file showing ...
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Premium that remains unchanged over time, regardless of any change in the nature of the risk. ...
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