How many days is a TIA typically valid for, in absence of other circumstances?

A Temporary Insurance Agreement (TIA) is a provision that offers temporary coverage to an applicant while their application for a permanent policy is being processed. Under standard practices, a TIA is typically valid for a duration of 90 days. This timeframe allows the insurance company sufficient time to evaluate the application, perform necessary underwriting, and make a decision regarding the issuance of a permanent policy.

The 90-day period is beneficial for both the insurer and the insured, as it provides an initial layer of protection for the applicant during the underwriting process, ensuring that they are covered in case of unforeseen events. Additionally, this duration aligns with regulatory standards in many jurisdictions, making it a common practice across the industry.

Understanding the significance of the 90-day validity period of a TIA is crucial for both insurance professionals and clients, as it outlines the temporary nature of this coverage and the responsibilities that come with it until the policy is formally issued.