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

Marine insurance contract clause that limits an insurance company's liability. The company agrees to pay only losses that exceed a percentage or flat dollar amount; partial (below this ...

Standardized set of business laws that has been adopted by most states. The Uniform Commercial Code governs a wide range of transactions including borrowing, contracts, and many other ...

Roof used in construction that is composed of fire resistive materials such as slate as approved by the underwriters laboratories inc. (ul). ...

Maximum that an insurance company can underwrite. The limits of coverage that a property and casualty company can underwrite are determined by its retained earnings and invested capital. ...

State law by which insurance companies are permitted to establish deferred tax assets and liabilities subject to maximum limitations. ...

Portion of the death benefit in a life insurance policy paid upon the insured being diagnosed as having a terminal illness that will result in death within a year. ...

Organization having as its objective the education of the general public concerning items of national concern of member property and casualty insurance companies. ...

Interest rate credited on three-month United States Treasury bills. ...

Institutional investment sold by life insurance companies that guarantees principal and offers withdrawal flexibility. This conservative investment, which can be used with a corporate ...

Popular Insurance Questions