Waiting Period

Definition

  • The time elapsed between requesting something and receiving something. As it relates to insurance, a waiting period refers to the amount of time an individual must wait for benefits after filing a claim. Also known as an "elimination period."

Synonyms
wait list, elimination period, wait time

Related Terms and Acronyms

  • Benefit Period Definition,
    • The total period of time where an insurer is contractually obligated to pay benefits.
  • Disability Insurance (DI) Acronym, Important,
    • Insurance that covers individuals who develop a condition that hinders their ability to work.
  • Elimination Period Definition,
    • The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
  • Health Insurance (HI) Acronym,
    • Insurance that covers the costs of medical expenses for insured persons.
  • Private Healthcare Definition,
    • Health services no provided by the government, often paid out of pocket.
  • Qualifying Event Definition,
    • An event that qualifies for insurance coverage.
  • Two-Tier Healthcare Definition,
    • A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
  • Universal Healthcare Definition,
    • A system for providing healthcare free to patients at point of use.
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