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W

Waiting Period
(1) In medical expense insurance, a prescribed amount of time following policy issue during which the insured's medical expenses are not covered by the policy. Such waiting periods usually last from 14 to 30 days following policy issue and normally apply only to medical expenses arising from sickness, not from accidents. (2) In disability income insurance, a specified amount of time, beginning with the onset of the disability, during which benefits are not payable. Such waiting periods may last from seven days to six months. The waiting period in a disability income insurance policy is sometimes called the elimination period or the probationary period. (3) In a group insurance plan, the length of time that a new group member must wait before being eligible to join the group plan. Also called a probationary period.

Waiver of Deductible Provision
A provision found in some major medical coverage's that waives a claimant's initial deductible if the claimant's medical expenses are the result of an accidental injury.

Waiver of Premium for Disability (WP) Benefit
A rider or a policy provision under which the insurer promises to give up its right to collect the policy's premium if the policy owner becomes unable to work because of an accident or injury. The waiver of premium for disability benefit remains in effect as long as the policy owner is disabled.

Waiver of Premium for Payor Benefit
A rider or provision often included in juvenile policies which provides that the insurer will give up its right to collect the policy's premiums if the adult policy owner, not the insured child, dies or becomes disabled.

Workers' Compensation
Government-mandated insurance that provides benefits to covered employees and their dependents if the employee suffers job-related injury, disease, or death.

 

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