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
Acts or omissions that result in suits against an individual and/or residents of the individual's household for actual or imagined bodily injury and/or property damage to a third party. ...
Method, developed in 1970 by Dr. William Haddon, Jr., of classifying and preventing damage caused by accidents. The thesis is that accidents are caused by the transfer of energy with such ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
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Loss experience of a given insured. ...
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