Legal Definitions - time policy

A time policy is a type of insurance policy that is effective only during a specified period. It is a contract between the insurer and the policyholder that provides coverage for a limited time. For example, a car insurance policy that is valid for one year is a time policy.

Other types of insurance policies include:

• Accident policy: A policy that covers loss resulting directly from accidental bodily injuries sustained during the policy term.
• Basic-form policy: A policy that offers limited coverage against loss, such as damages from fire, windstorm, explosion, riot, aircraft, vehicles, theft, or vandalism.
• Commercial general-liability policy: A comprehensive policy that covers most commercial risks, liabilities, and causes of loss.
• Group policy: An insurance policy that covers multiple insureds under a group-insurance plan.
• Life policy: A life-insurance policy that requires lifetime annual fixed premiums and that becomes payable only on the death of the insured.
• Open-perils policy: A property insurance policy covering all risks against loss except those specifically excluded from coverage.
• Umbrella policy: An insurance policy covering losses that exceed the basic or usual limits of liability provided by other policies.

These examples illustrate the different types of insurance policies that are available to individuals and businesses. Each policy has its own terms and conditions, and it is important to carefully review and understand them before purchasing a policy.