The term 'HOUR AND MINUTE SEPARATOR' can be solved by the word 'COLON' (5 letters). The COLON is a punctuation mark used to separate two independent clauses, or to indicate a pause between two parts of a sentence. It is also used to separate hours and minutes in time notation, such as 3:30 PM. In this context, the COLON is used to separate the hour from the minute, making it easier to read and understand the time.