Elimination Period

Definition

• The total amount of time between when a claim is filed and when insurance benefits are paid; the insured is expected to pay for any expenses in the intervening time period. Also known as a "qualifying period" or "waiting period."

Synonyms
lag, waiting period, qualifying period, delay

Related Terms and Acronyms

• Disability Insurance (DI) — Acronym, Important,
  • Insurance that covers individuals who develop a condition that hinders their ability to work.
• Health Insurance (HI) — Acronym,
  • Insurance that covers the costs of medical expenses for insured persons.
• Long Term Care Insurance (LTC) — Acronym, Important,
  • Insurance that covers health care costs for individuals with chronic or disabling conditions.
• Period of Indemnity — Definition,
  • The amount of time where insurance benefits are required to be paid by an insurance policy.
• Qualifying Event — Definition,
  • An event that qualifies for insurance coverage.
• Waiting Period — Definition,
  • The amount of time that must pass before something occurs.