waiting period
(1) In medical
expense insurance, a prescribed amount of time following policy
issue during which the insured's medical expenses are not covered by
the policy. Such waiting periods usually last from 14 to 30 days
following policy issue and normally apply only to medical expenses
arising from sickness, not from accidents. (2) In disability income
insurance, a specified amount of time, beginning with the onset of
the disability, during which benefits are not payable. Such waiting
periods may last from seven days to six months. The waiting period
in a disability income insurance policy is sometimes called the
elimination period or the probationary period. (3) In a group
insurance plan, the length of time that
a
new group member must wait before being
eligible to join the group plan. Also called a probationary
period.
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