Based on the definition and explanation below.

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Time on risk (TOR) is a term used by the insurance industry to define the starting point and ending point of a period of coverage. This is when your policy starts and when your policy finishes. These dates are shown on the declaration page of the policy.

If you chose to cancel your policy midterm then there would be a revision done to the policy documents and the declaration would now show the new ending date. The insurance company will bill you for the actual time you had insurance - the time on risk.

http://turnerstips.wikidot.com/time-on-risk

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In insurance terms, a Risk is what you insure against - such as theft. (It is also called a Peril in most cases.)

Time on Risk (or Period of Risk) refers to the period of time that the insurance is effective against the risk.

A policy could be one year long, but if the Insured holds the policy for a number of years, or adds certain risks later (like accidental damage cover perhaps), then the Time on Risk may not be the same as the time on the policy.


Source: I was a trainer in a UK Insurance Company - BUT these terms differ for different companies and also differ from country to country.
Some companies refer to the Risk as being the item actually covered, so on a motor policy the risk COULD be the car, but more correctly the Risk is Accident, Fire or Theft etc...
http://forum.wordreference.com/threads/tor-time-on-risk.1683...

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Note added at 2 hrs (2015-06-21 04:43:20 GMT)
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Zależnie od kontekstu "for" tu może znaczyć za okres.