What Is Compensatory Time?

The compensation period refers to the time limit for the insured to apply for compensation and the insurer to make compensation or payment. (1) The compensation period for the insured is the time for applying for compensation. The general rule is one year, that is, from the day when the subject matter of the insurance suffers losses, after one year, if the applicant does not apply for compensation from the insurer, does not submit necessary documents, certificates, or does not receive the due compensation, it is a voluntary waiver of rights. ^[1]