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

Ownership of tax-free or tax-deferred investments by a child or for a child, given that these investments will not reach maturity before the child attains at least age 14. The objective is ...

Same as term Funded Pension Plan: plan in which funds are currently allocated to purchase retirement benefits. An employee is thus assured of receiving retirement payments, even if the ...

Insurance for private pleasure boats. Coverage is not standard, but is generally broken down into insurance for yachts, including sailboats; boats with inboard motors under marine ...

Termination of a contractual obligation for immediate performance. For example, under the homeowners insurance policy, if the insurer refuses to pay a claim, the insured (if not satisfied ...

To which the original investment sums build at a stipulated interest rate. ...

Automobile purchased or leased by the insured or the insured's spouse that takes the place of the insured or the insured spouse's present car as covered in the personal automobile policy ...

Actuarial procedure used to determine the annual rate of return at which annual benefits would have to be gained from the cash value life insurance policy in order to equal the annual ...

Model state law of the NAIC that stipulates that the total sum of medium grade bonds (bonds carrying a rating of 3, assigned by the Securities Valuation Office of the NAIC) and lower grade ...

Fronted program by the insured acquires a licensed insurance company to issue insurance policies. ...

Popular Insurance Questions