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
Section of the insurance company that administers claims for the losses incurred by the insured. ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
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Sales honor group of property and casualty insurance agents created by the National Association of Professional Insurance Agents. ...
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If the annuitant dies before receiving total income at least equal to the premiums paid, the beneficiary receives the difference in a lump sum. If the annuitant lives after the income paid ...
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