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

Policy that remains in full force and effect for the life of the insured, with premium payments being made for the same period. ...

Future benefits to be paid to the policyholders and beneficiaries, assigned surpluses, and miscellaneous debts. These primary liabilities take the form of reserves, which must be listed on ...

Inland marine policy that protects an insured against loss for property that is shipped. One policy may be written for a single shipment, as for a family moving household goods, or it may ...

Fidelity bond that covers a business if employees in listed positions commit dishonest acts, such as stealing money. ...

Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...

Term life insurance, usually purchased at an airport by an airplane passenger. It provides a death payment to the passenger's beneficiary in the event of a fatal accident on one or more ...

property insurer that distributes its products through a direct selling system. Traditionally, insurers often were known as direct writers if they used either a direct selling system or an ...

That which cannot be touched; having no meaning to the senses. It is represented by incorporeal rights in property (that which is evidence or represents value; for example, a copyright). ...

Coverage for business risks including goods in transit, fire, burglary, and theft. A common example is the COMMERCIAL PACKAGE POLICY (CPP). ...

Popular Insurance Questions