The municipality (originally the parish) is named after the old Time farm (Old Norse: Þímin or Þímvin), since the first church was built there. The meaning of the first element is unknown but the last element is vin which means "meadow" or "pasture".
The coat-of-arms is from modern times. They were granted on 23 December 1977. The lapwing (Vanellus vanellus) was chosen as a symbol for the municipality as it is a typical bird for the area. It is shown with wings upwards to symbolize optimism.