- 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."
waiting period, delay, lag, qualifying period
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.