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
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
Specific powers that a prospective insured believes the insurance company has granted to its agent. For example, if the insurance company has furnished the agent a rate book, application ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Additions of new entrants into an employee benefit insurance plan. ...
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Legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment (s) the ...
Coverage for personal property of a manufacturer on an all risks basis when that property is off the manufacturer's premises. ...
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