Waiting Period
A plain-English definition from the DeployIT insurance technology glossary.
In short: The time after policy start during which specified conditions or treatments aren't covered (initial, disease-specific and PED waiting periods).
Related terms
- PED (Pre-Existing Disease)
- A condition diagnosed or treated before policy purchase.
- Portability
- The IRDAI-enabled right to switch health insurers while carrying forward waiting-period credits.
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.