Eligibility Period
Length of time in life and health insurance in which an employee can apply for and pay the first premium without having to show evidence of insurability (take a physical examination). The period is usually the first 30 days of employment. After expiration of the eligibility period, an employee may have to take a physical or provide medical history information to qualify for coverage. If the employee does not pass the physical, coverage can be denied under a group plan or the employee can be charged a much higher premium rate than the group rate. This is why it is extremely important for a new employee to apply for group life and health insurance during the eligibility period.
Popular Insurance Terms
Financial guarantee policy that insures against loss of principal invested in a mutual fund. ...
Coverage for exposures that exhibit a possibility of financial loss. ...
Coverage for a loss incurred by the insured resulting from an infringement of the insured's patent or coverage for a claim made against the insured resulting from infringement by the ...
Investment strategy that advocates the transfer of amounts from one category of investment to another category according to a perception of how each of these categories of investments will ...
Appreciation in the unsold assets' value. When assets are sold, their capital gain (loss) is shown on the insurance company's income statement; any unrealized gain or loss is not included ...
Record of debit or industrial insurance policies. ...
Income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's income prior to the disability, but ...
1957 federal law setting a limit on the liability of operators of nuclear facilities. The law, an amendment to the Atomic Energy Act of 1954, authorized establishment of private insurance ...
Federal statute relating to drug abuse policies that requires all employers with federal contracts at least equal to $25,000 to certify, as a condition of receiving a federal contract, that ...
Have a question or comment?
We're here to help.