Benefit Period

Definition

• The total length of time where benefits are required to be paid. Sometimes known as a payment period, a benefit period is commonly used in the healthcare and insurance industries to determine when benefits are set to end.

Synonyms
payment period, length of time

Related Terms and Acronyms

• Death Benefit (DB) — Acronym, Very Important,
  • A payment or series of payments made to the beneficiaries of a life insurance policy.
  ➥ An amount paid to a beneficiary in a life linsurance policy.
• Family Income Rider — Definition,
  • A recurring or lump sum life insurance benefit that matches the policyholder's income.
• Living Benefits — Definition,
  • The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
• Period of Indemnity — Definition,
  • The amount of time where insurance benefits are required to be paid by an insurance policy.
• Waiting Period — Definition,
  • The amount of time that must pass before something occurs.