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Related Definitions
Elimination Period Elimination Period is the duration between an accident, sickness, incapacity, or request and receiving final welfare payments.
Vicarious liability Vicarious liability is a responsibility for damage done by the driver of an automobile that is imputed to the vehicle’s owner.
Readjustment period Readjustment period is one- to two-year period immediately following the breadwinner’s death during which time the family should receive
Prior-approval law Prior-approval law is a law for regulating insurance rates under which the rates must be filed and approved by the state insurance department before they can be used.
Probationary period Probationary period refers waiting period of one to six months
Modified prior-approval law Modified prior-approval law is a state rating law where rate changes are based solely on loss experience; the rates must be fi led with the state insurance department and can be used immediately. However, if
Fixed-period option Fixed-period option is a life insurance settlement option in which the policy proceeds are paid out over a fixed
Eligibility period Eligibility period brief period of time during which an employee can sign up for group insurance without furnishing evidence of insurability.
Dependency period Dependency period is a period of time following the readjustment period during which the surviving spouse’s children are under
Benefit period Benefit period is a length of time benefits are paid in a disability income policy or long-term care policy after the elimination period is
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