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
Insurance company's investments in assets other than in companies it controls and/or companies with which it shares common ownership, stocks, and bonds. ...
Same as term Expiration: termination date of coverage as indicated on the insurance policy. ...
Violation of duty in marine insurance, such as acts of the master and crew of a ship that result in damage to the vessel including purposefully running it aground, diverting it from its ...
Same as term Friendly Fire: kindling intentionally set in a fireplace, stove, furnace, or other containment that has not spread beyond it. Property insurance does not protect against damage ...
Federal agency that collects and analyzes numerous U.S. demographics used by government and industry. Insurance companies use the demographics to predict areas of high demand for their ...
Replacement car or additional car as used in the personal automobile policy. ...
Insurance policy for which the required premium has been paid. ...
Coverage primarily for the liability of an individual or organization that results from negligent acts and omissions, thereby causing bodily injury and/or property damage to a third party. ...
Unsecured bond. The only protection for the lender is the credit and reputation of the borrower. The method of evaluating the quality of debentures is to analyze the earning power, overall ...
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