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 time, wait list, elimination period
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.
