Waiting Period

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Waiting Period A stated period in various forms of insurance (as accident and health, workmen's compensation and unemployment or idleness insurance) after the beginning of disability during which no benefits are paid. To become eligible for coverage the insured must be disabled for a certain number of continuous days. This is also called the elimination period. Waiting period was introduced to prevent unethical practices by clients to get insurance benefits. For example a client is diagnosed of a critical illness but did not have a health insurance cover the doctor recommend an expensive surgery which they could not afford through their regular income. As a result he/she buys a health insurance cover without disclosure of the desease. Various insurance policies can have waiting periods, including homeowners insurance, auto insurance, and short-term disability. Waiting periods for different services can sometimes vary between insurers, but the specific regulators pre-defines maximum waiting periods for certain disabilities/hospital benefits. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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