running out of time

In a live game, In a endgame queen+king against king, the player with Q+K run out of time. What happen in that situation? it is considered as lost?

No, it is a draw because with king being your only piece, you can't win.

so running out of time against insufficient material to mate, it is draw?

Yes. If have king + queen for example and you run out of time, you get a draw. You don't lose. It makes sense because your opponent cannot defeat you on the board so that would be unfair to give him a win. But I've seen some comments here and there against this solution.

It's not insufficient material. A Q & K can force mate on a lone K. It's a loss.

A player having a bare king cannot win the game. A draw shall be declared if the opponent of a player with a bare king oversteps the time limit (Articles 10.13 and 10.14) or seals an illegal move (Articles 10.16).