This is the 943rd most frequent Icelandic word.
tímann
The Icelandic word "tímann" means "the time" (accusative case of "tími").
Here, 'tímann' is in the accusative case, referring specifically to the class or lesson time the person is preparing for.
Ég þarf að læra fyrir tímann.
I need to study for the class.
In this case, 'tímann' again is in the accusative case with the definite article, indicating a specific class that was missed.
Hann missti af síðasta tímann.
He missed the last class.
Here 'tímann' signifies 'the time,' used in a more abstract and general sense, and displays emphasis on respectfulness.