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Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Waiting Period

Synonyms:elimination period, wait list, wait time
Filed Under: financial-banking, insurance, legal-contracts
Tags: banking, contract, insurance, legal

Definition of waiting period

waiting period
1. 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."

Related Terms and Acronyms:

  • benefit period   The total period of time where an insurer is contractually obligated to pay benefits.
  • disability insurance (DI)   Insurance that covers individuals who develop a condition that hinders their ability to work.
  • elimination period   The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • private healthcare   Health services no provided by the government, often paid out of pocket.
  • qualifying event   An event that qualifies for insurance coverage.
  • two-tier healthcare   A situation where public healthcare is available to all people, but private healthcare can be purchased by those who want it.
  • universal healthcare   A system for providing healthcare free to patients at point of use.

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